Professional Fees Receipt Payment base account

This query is : Resolved

Piyush Doshi (Querist)
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12 August 2010 I maintain my account on receipt & payment base, so i account only when my services due received from client. In this case I liable to pay service tax as and when payment received to me from party or when i issue professional fees invoice to party ?

If i have received less amount from party, than, Can Iadjust against my payable service tax ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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12 August 2010 Service tax need to pay on receipt basis only. if you received less, make a credit note and can be adjusted in Service tax also

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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13 August 2010 Agreed.. The liability of service tax is ascertained on the basis of actual receipts only & not on the basis of bill raised.

Further, if at anytime, service tax is being paid on receipt basis, & lateron it is noticed that you have received any excess amount from a client & you need to refund that, in that case you can adjust the service tax paid on such excess payment in your service tax payable amount.

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