Service tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2015 Dear all expert
my turnover is below the 50 lacs. and i want to deposit the service tax on the receipt basis. please tell me in the receipt basis. should i charge 12.36% ST in the bill.

plz clarify...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 April 2015 you need to follow rules of point of taxation in this case and not reciept basis

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2015 Dear sir
is there any restriction to opt receipt basis. if yes then what kind of restriction plz explain...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 April 2015 u need to book on date whichever is earlier of invoice or reciept basis .

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 April 2015 From 01st April 2012, all the individuals and partnership firm (including LLPs) service providers whose turnover is Rs.50 lakh or less in the previous financial year, have an option to pay service tax on receipt basis upto Rs.50 Lakhs taxable value. Beyond 50 lakhs, service tax will have to be paid on the accrual basis on the basis of issue of invoice.

So you can pay Service Tax on Receipt Basis. Charge ST in Bills and Pay Service Tax when payment is received.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 April 2015 Also see Page no 14 from link given below (from ICAI):

https://www.icaiknowledgegateway.org/littledms/folder1/chapter-6-service-tax-procedures.pdf

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2015 Dear sanjay sir
to opt service tax payment on receipt basis . i also have to follow the point of taxation rule. suppose if i have issue the invoice on 20/4/2015 and payment is receipt on 20/7/2015.
as per my above Query which date is to be booked for POT, and what will be the due date for ST payment whether 5/7/2015 or 5/10/2015.

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