Point of taxation

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Harshit Jain

Harshit Jain (Querist)
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24 April 2012 Whether Service Tax is again taxable on receipt basis..??

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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24 April 2012 No, Service tax chargeable on the basis provided in the point of taxation rules.

However small service providers .i.e having turnover up to 50 lakhs. can pay service tax on receipt basis.

And also professionals like CA, CWA,CS etc receipt basis continued.

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Mihir Doshi

Mihir Doshi (Expert)
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24 April 2012 Turnover is 50 lacks or 60 lacks??????

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CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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24 April 2012 Thank you mihir, it is 50 lakhs only .

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 April 2012 The facility to pay service tax on receipt basis will be now available to individuals and partnership firms ,including limited liability partnership, up to a turnover of Rs 50/-lakhs in a financial year provided the taxable turnover did not exceed this limit in the previous financial year.

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Guest

Guest (Expert)

01 August 2012 The benefit available to individuals and firms on the basis of date of payment for eight specified services is being extended to all services. The facility will be now available to individuals and partnership firms (including limited liability partnership) up to a turnover of Rs 50 lakh in a financial year provided the taxable turnover did not exceed this limit in the previous financial year.

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