Point of taxation
This query is : Resolved
CA Ashwani Agarwal
(Querist)
13 August 2011
What is to be done on the bills have been issued prior to 01/07/2011. Do we have to pay tax on them on receipt basis?
O.D.SHARMA
(Expert)
14 August 2011
If u have recd them after july 1st .Be safe & poay
14 August 2011
Option has been given either to pay on due basis or receipt basis.
Pl see rule 9 which is reproduced below:-
“9. Transitional Provisions.- Nothing contained in this sub-rule shall be applicable,-
where the provision of service is completed; or
where invoices are issued
prior to the date on which these rules come into force.
Provided that services for which provision is completed on or before 30th day of June, 2011 or where the invoices are issued upto the 30th day of June, 2011, the point of taxation shall, at the option of the taxpayer, be the date on which the payment is received or made as the case may be.”.
Pl see rule 9 which is reproduced below:-
“9. Transitional Provisions.- Nothing contained in this sub-rule shall be applicable,-
where the provision of service is completed; or
where invoices are issued
prior to the date on which these rules come into force.
Provided that services for which provision is completed on or before 30th day of June, 2011 or where the invoices are issued upto the 30th day of June, 2011, the point of taxation shall, at the option of the taxpayer, be the date on which the payment is received or made as the case may be.”.
14 August 2011
I agree with Mr. Chakarpani
CA. Krishna K Neeraj
(Expert)
15 August 2011
Point of Taxation Rule 2011- Rule 9 is reproduced below:-
“9. Transitional Provisions.- Nothing contained in this sub-rule shall be applicable,-
where the provision of service is completed; or
where invoices are issued
prior to the date on which these rules come into force.
Provided that services for which provision is completed on or before 30th day of June, 2011 or where the invoices are issued upto the 30th day of June, 2011, the point of taxation shall, at the option of the taxpayer, be the date on which the payment is received or made as the case may be.”.
Point of Taxation Rule 2011- Rule 9 is reproduced below:-
“9. Transitional Provisions.- Nothing contained in this sub-rule shall be applicable,-
where the provision of service is completed; or
where invoices are issued
prior to the date on which these rules come into force.
Provided that services for which provision is completed on or before 30th day of June, 2011 or where the invoices are issued upto the 30th day of June, 2011, the point of taxation shall, at the option of the taxpayer, be the date on which the payment is received or made as the case may be.”.
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