Return for april - june 12
This query is : Open
22 November 2012
Dear Experts ,
Gm.
One of my client is Advertising agency.
Gross Receipt in FY 2011-12 - Rs. 40 lacs
During FY 11-12 Rs. 3 lacs debtors were there. Service Tax on same is paid on Accrual Basis (i.e. paid in FY 11-12 itself).
Now as per amendment my client is again eligible for Payment of service Tax on RECEIPT BASIS (As Gross recpt in previous year is less than 50 lakhs ).
My Query :
Bill Raised during April - June 12 - Rs.10 lakhs
Amount Received during April - June 12 - Rs. 3 lakhs (Totally against o/s balance of debtors as on 31/03/2012.) Not a single penny recd. against current year bill.
Now do i require to file the return of ST for these period?
If yes how to show these transaction?
Thanks in advance.
Gm.
One of my client is Advertising agency.
Gross Receipt in FY 2011-12 - Rs. 40 lacs
During FY 11-12 Rs. 3 lacs debtors were there. Service Tax on same is paid on Accrual Basis (i.e. paid in FY 11-12 itself).
Now as per amendment my client is again eligible for Payment of service Tax on RECEIPT BASIS (As Gross recpt in previous year is less than 50 lakhs ).
My Query :
Bill Raised during April - June 12 - Rs.10 lakhs
Amount Received during April - June 12 - Rs. 3 lakhs (Totally against o/s balance of debtors as on 31/03/2012.) Not a single penny recd. against current year bill.
Now do i require to file the return of ST for these period?
If yes how to show these transaction?
Thanks in advance.
22 November 2012
No service tax is to be paid on amount received during the year, which is outstanding in previous year as service tax is paid on accrual basis.
Now regarding the billing in current year, your client requires to pay service tax on accrual basis only and not on cash basis.
ST-3 has to be filed after proper payment of tax.
Now regarding the billing in current year, your client requires to pay service tax on accrual basis only and not on cash basis.
ST-3 has to be filed after proper payment of tax.
22 November 2012
Thank u viral sir for replying. But why he has to pay Service tax on Accrual basis , as per amendment in Rule 7 of ST Rules he is eligible for payment of service tax on receipt basis.
22 November 2012
sorry . You are right. 4th proviso to rule 6 allows option to payment of service tax on receipt basis to individual and firms with turnover of less than 50.00 Lacs in previous FY
22 November 2012
Sir now what to do? Do i have to submit the return?
23 November 2012
As an assessee you are required to file ST-3. File nil return.
Show receipt nil and only billing of rs 10 lakhs.
Show receipt nil and only billing of rs 10 lakhs.
23 November 2012
Thanks a lot Pradeep sir.
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- EXPORT COMMERCIAL INVOICE HSN CODE
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- Cash balance limit and property purchases limit
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
