Service tax pay on invoice raised basis.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2014
whether service tax is now paid on invoice raised basis in the month basis.
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.
1) Completion of such taxable service
or
2) Receipt of any payment towards the value of such taxable service
which ever is earlier.
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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