Receipt or accruel
This query is : Resolved
03 September 2011
Hi
I heard that service tax though not collected must be paid . Is that True ?
And also i heard that only for professionals it is Receipt Basis. Clarify pls . If any circular / notification pls mention it
Abdul
I heard that service tax though not collected must be paid . Is that True ?
And also i heard that only for professionals it is Receipt Basis. Clarify pls . If any circular / notification pls mention it
Abdul
03 September 2011
With effect from 01/04/2011 Service Tax is payable on billing basis and not on 'receipt of payment basis' that is on accrual basis and not on cash basis (Option has been granted to assessee to continue payment on receipt basis upto 30/06/2011 if they desire)
This is the major change made in Service Tax effective from 01/04/2011
This is the major change made in Service Tax effective from 01/04/2011
Message likes :
1 times
06 September 2011
Even for professionals is that effective ?
06 September 2011
It is applicable to any Taxable services.
Point of Taxation Rules, 2011 have been framed vide notification 18/2011-ST and made effective from 01.04.2011. These rules determine the point in time when the services shall be deemed to be provided. The general rule will be that the time of provision of service will be the earliest of the following dates :
i. Date on which service is provided or to be provided
ii. Date of invoice
iii. Date of payment
Point of Taxation Rules, 2011 have been framed vide notification 18/2011-ST and made effective from 01.04.2011. These rules determine the point in time when the services shall be deemed to be provided. The general rule will be that the time of provision of service will be the earliest of the following dates :
i. Date on which service is provided or to be provided
ii. Date of invoice
iii. Date of payment
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- GST ON DAMAGED GOODS
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
