Part Payment received
This query is : Resolved
G. RAMESH BABU
(Querist)
07 March 2009
Ours is a post production house and generally it takes 4-5 months time to complete a particular job. during the progress of the work we receive some part payments from the customers. When the service tax is payable on part payments received. Is it in the month of receipt or at the time of raising the final invoice. Please advice.
CA.SHAHZAD SAYYED
(Expert)
07 March 2009
In Service Tax Taxable Events is a time of "Rendering Taxable Service" but Liability to pay ST arose only on Receipt of Concideration in money therefor you are liable to Pay ST in the month Raising & Collecting the Final Amount
07 March 2009
Service Tax will be payable on recepit basis. You have to deposit the service tax collected on part payment also within due date as applicable on you.
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