Service tax pay on invoice raised basis.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 June 2014 whether service tax is now paid on invoice raised basis in the month basis.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 June 2014 Yes. But such invoice has to be raised within 30 days from the date of

1) Completion of such taxable service

or

2) Receipt of any payment towards the value of such taxable service

which ever is earlier.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 June 2014 From 01st April 2012, all the individuals and partnership firm (including LLPs) serviceproviders whose turnover is Rs.50 lakh or less in the previous financial year, have an option to pay service tax on receipt basis upto Rs.50 Lakhs taxable value. Beyond 50 lakhs, service tax will have to be paid on the accrual basis on the basis of issue of invoice.

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