service tax on advance payment received
This query is : Resolved
13 January 2009
Dear Sir,
We are a partnership firm providing BSS services.
We received on account advance payments from the party to whom we provided services and on whom we raised the bills
the amount received as adv ,we used in the business as follows
1.Payment of security deposits
2.purchase of assets.
3.and rest we used for business.
How we can save the interest on this advance payment received.
Please tel the accounting entries and how we show it in our books.
What shoub be our explanation on this in case of service tax query.
We are a partnership firm providing BSS services.
We received on account advance payments from the party to whom we provided services and on whom we raised the bills
the amount received as adv ,we used in the business as follows
1.Payment of security deposits
2.purchase of assets.
3.and rest we used for business.
How we can save the interest on this advance payment received.
Please tel the accounting entries and how we show it in our books.
What shoub be our explanation on this in case of service tax query.
19 April 2009
How you account for is not relevant to the provisions of payment of service tax
Advance is subject to service tax.
Interest will be applicable from the due date till the date of payment
Advance is subject to service tax.
Interest will be applicable from the due date till the date of payment
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