Point of taxation
This query is : Resolved
24 April 2012
Whether Service Tax is again taxable on receipt basis..??
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.
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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24 April 2012
Turnover is 50 lacks or 60 lacks??????
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24 April 2012
Thank you mihir, it is 50 lakhs only .
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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