Service tax on receipt basis
This query is : Resolved
16 December 2015
Sir,Service tax is payable on receipt basis for individuals and firms whose gross receipts in the pre
ceeding FY don't exceed 50 lakhs.What if a service provider follows cash system of accounting and has gross receipts more than 50 lakhs?
17 December 2015
HE HAS TO PAY ST ON BILL VALUE AND NOT ON RECEIPT FROM THE CURRENT YEAR.
17 December 2015
Sir,Thank you for the reply.Can you please provide us the relevant section in which the same is mentioned?
Mohit Singla
(Expert)
17 December 2015
Please refer Rule 6 of STR , 1994 here is the link
https://www.cbec.gov.in/resources//htdocs-servicetax/st-rules1994-amended_tillnov2013.pdf;jsessionid=4A9B5DB2CB646E74132D683A2E84EF2A
https://www.cbec.gov.in/resources//htdocs-servicetax/st-rules1994-amended_tillnov2013.pdf;jsessionid=4A9B5DB2CB646E74132D683A2E84EF2A
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