Payment of service tax on provision amount
This query is : Resolved
30 March 2012
RESPECTED SIR...
WE (HLL LIFECARE LTD ) ARE LIABLE TO PAY THE SERVICE TAX ON GTA ... BUT FOR THE MONTH OF MARCH WE WANT TO PAY THE ST ON 31ST MARCH ITSELF.... BUT WE ARE NOT ABLE TO OBTAIN THE LR DETAILS AND SOME OF THE TRANSPORTATION BILLS FROM TRANSPORTERS...
SO OUR QUERY IS THAT WHETHER WE CAN PAY THE ST ON PROVISIONAL AMOUNT..IF YES THEN WHETHER WE WANT TO TAKE THE PRIOR APPROVAL OF CONCERN AUTHORITIES ... IF WE PAID THE EXCESS AMOUNT WHETHER WE CAN SET UP THE SAME IN SUBSEQUENT PAYMENT...SO PLEASE CONFIRM WHETHER ST LIABILITY IS ON PAYMENT BASIS OR ACCRUAL BASIS...
KINDLY ADVICE US IN THIS MATTER...
THANKING YOU,
S B HIREMATH
ARTICLE ASST
MATHAPATI & CO
CHARTERED ACCOUNTANTS
BELGAUM..
WE (HLL LIFECARE LTD ) ARE LIABLE TO PAY THE SERVICE TAX ON GTA ... BUT FOR THE MONTH OF MARCH WE WANT TO PAY THE ST ON 31ST MARCH ITSELF.... BUT WE ARE NOT ABLE TO OBTAIN THE LR DETAILS AND SOME OF THE TRANSPORTATION BILLS FROM TRANSPORTERS...
SO OUR QUERY IS THAT WHETHER WE CAN PAY THE ST ON PROVISIONAL AMOUNT..IF YES THEN WHETHER WE WANT TO TAKE THE PRIOR APPROVAL OF CONCERN AUTHORITIES ... IF WE PAID THE EXCESS AMOUNT WHETHER WE CAN SET UP THE SAME IN SUBSEQUENT PAYMENT...SO PLEASE CONFIRM WHETHER ST LIABILITY IS ON PAYMENT BASIS OR ACCRUAL BASIS...
KINDLY ADVICE US IN THIS MATTER...
THANKING YOU,
S B HIREMATH
ARTICLE ASST
MATHAPATI & CO
CHARTERED ACCOUNTANTS
BELGAUM..
01 April 2012
It is good question.The new Rule 7 (Made applicable from 01.04.2012)of the point of taxation rules,2011,provides that in case of service receivers (As per section 68(2)
the point of taxation shall be the DATE ON WHICH PAYMENT IS MADE.IF NO PAYMENT IS MADE WITHIN A PERIOD OF SIX MONTHS OF THE DATE OF INVOICE ,THE POINT OF TAXATION SHALL BE DETERMINED AS IF THIS RULE DOES NOT EXIST.
REG.ADJUSTMENT FOR EXCESS TAXES PAID ALSO THERE IS IMP.AMENDMENT.nOW WITHOUT LIMIT ADJUSTMENT IS POSSIBLE AND IT NEED NOT BE INFORMED TO THE SUPERINTENDENT ETC.AS EARLIER IT WAS REQUIRED.CA.SAGAR MAL PAREEK
the point of taxation shall be the DATE ON WHICH PAYMENT IS MADE.IF NO PAYMENT IS MADE WITHIN A PERIOD OF SIX MONTHS OF THE DATE OF INVOICE ,THE POINT OF TAXATION SHALL BE DETERMINED AS IF THIS RULE DOES NOT EXIST.
REG.ADJUSTMENT FOR EXCESS TAXES PAID ALSO THERE IS IMP.AMENDMENT.nOW WITHOUT LIMIT ADJUSTMENT IS POSSIBLE AND IT NEED NOT BE INFORMED TO THE SUPERINTENDENT ETC.AS EARLIER IT WAS REQUIRED.CA.SAGAR MAL PAREEK
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