Receipt basis payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2014
Can a Partnership Firm whose Previous year turnover was less than Rs 50 lacs can pay Service Tax on receipt basis or not for the quarter Jan- March14
21 January 2014
Hi
In case of individual / partnership firms (including LLPs) whose aggregate value
from one or more premises is Rs.50/- lakhs or less in previous financial year , the
service provider may pay tax on receipt basis up to Rs.50/- lakhs taxable value.
Beyond Rs.50/- lakhs, service tax will have to be paid on the mercantile basis on
the basis of issue of invoice. Please refer notification 3/2012 dated March
17,2012.
Thx
In case of individual / partnership firms (including LLPs) whose aggregate value
from one or more premises is Rs.50/- lakhs or less in previous financial year , the
service provider may pay tax on receipt basis up to Rs.50/- lakhs taxable value.
Beyond Rs.50/- lakhs, service tax will have to be paid on the mercantile basis on
the basis of issue of invoice. Please refer notification 3/2012 dated March
17,2012.
Thx
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