Service tax on advance.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 January 2012
Respected Experts,
We are a Consultancy Company and we received some advance payment against Consultancy Services. Is there any Service Tax liability for the Advance Payment. Please help me in this.
Thanks
We are a Consultancy Company and we received some advance payment against Consultancy Services. Is there any Service Tax liability for the Advance Payment. Please help me in this.
Thanks
31 January 2012
Yes, after introduction of Point of Taxation Rules, 2011, services shall be deemed to be provided on the earliest of the following dates:
1. Date of issue of invoice
2. Date of completion of services
3. Date of receipt of advance payment.
To understand the same we sud proceed with an example. Suppose you have to deposit service tax on monthly basis. You received advance payment in december 2011. In that case your services deemed to have been provided in december 2011 and you have deposit service tax upto 5th or 6 th of jan, 2012 as the case may be.
1. Date of issue of invoice
2. Date of completion of services
3. Date of receipt of advance payment.
To understand the same we sud proceed with an example. Suppose you have to deposit service tax on monthly basis. You received advance payment in december 2011. In that case your services deemed to have been provided in december 2011 and you have deposit service tax upto 5th or 6 th of jan, 2012 as the case may be.
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