Point of taxation
This query is : Resolved
02 February 2012
Hi
Please answer.
After the introduction of point of taxation rules if invoice has been raised and services completed and due tax has been paid what happens if
1. Providor receives only part payment say 80% and gives a 20% discount
2. If no payment is received and debt has gone bad.
Please answer.
After the introduction of point of taxation rules if invoice has been raised and services completed and due tax has been paid what happens if
1. Providor receives only part payment say 80% and gives a 20% discount
2. If no payment is received and debt has gone bad.
02 February 2012
In First Case : the Differential Service tax credit can be availed.
In Second Case: That is In Case of Pure Bad Debt the amount of Service tax shall be a dead loss and no Credit shall be available.
In Second Case: That is In Case of Pure Bad Debt the amount of Service tax shall be a dead loss and no Credit shall be available.
02 February 2012
Thanks Ankit. But I think issue of credit memo is must in this case. What happens if the purchasing party has claimed full credit and do not reverse.
03 February 2012
As per second proviso of rule 4 (7) of CENVAT Credit Rules, 2004, if payment is not made within 3 months from the date of invoice etc then service receiver has to pay amount equal to CENVAT credit availed.
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