Reg. service tax payable liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 October 2010
My client is following accrual basis of accounting so have to account for fees receivble in my clients books.
The service for which fees are receivable comes under the ambit of service tax act.
So at the time of passing entry for fees receivable IS IT REQUIRED TO PASS THE ENTRY FOR SERVICE TAX PAAYBLE?
Plz. note that actual fees is not yet received. It will be received in future.
As per my knowledge service tax liability arises on receipt basis.
Plz help me to solve this case.
Thanks
The service for which fees are receivable comes under the ambit of service tax act.
So at the time of passing entry for fees receivable IS IT REQUIRED TO PASS THE ENTRY FOR SERVICE TAX PAAYBLE?
Plz. note that actual fees is not yet received. It will be received in future.
As per my knowledge service tax liability arises on receipt basis.
Plz help me to solve this case.
Thanks
04 October 2010
The client needs to pay service tax only on receipt of money for the services provided. No harm in following mercantile system of accounting.
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