Service tax on payments received but not cleared
This query is : Resolved
29 March 2013
Dear Sir,
I have a query regarding payment of service tax on Payments received (Cheques deposited but will get clear after 31st ).Do we need to pay service tax on such payments?
Also How do you account for payments received but not cleared in your accounts?
I have a query regarding payment of service tax on Payments received (Cheques deposited but will get clear after 31st ).Do we need to pay service tax on such payments?
Also How do you account for payments received but not cleared in your accounts?
29 March 2013
Yes, you required to pay service tax on payments received since the same amount booked in accounts before 31st.
It should be accounted as normal receipt with ST. (Accounting is done on receipt of cheque not on clearance).
The same will be shown in BRS.
It should be accounted as normal receipt with ST. (Accounting is done on receipt of cheque not on clearance).
The same will be shown in BRS.
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