service tax after interest
This query is : Resolved
24 March 2011
1) We are commission agents , we get commission after deduction of tds from our company and we pay service tax on it , interest charges are also deducted from our commission if the payment is received late by the company . Do we have to deduct this interest from commission and then pay service tax on it.
2) Do we have to pay service tax on accrual or receipt basis now?
2) Do we have to pay service tax on accrual or receipt basis now?
24 March 2011
Service tax has to be paid on receipt basis. The proposal in the Finance Bill ,2011 changing the method to accrual has been done away with for the time being.
24 March 2011
Thank you for the reply
please advice regarding interest to be deducted or not ?
please advice regarding interest to be deducted or not ?
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