Service tax payable even on non receipt of payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 January 2016
Hi,
I am working with a real estate company and as everyone is aware, real estate industry is not doing well. The issue which we are facing is that we are issuing service tax invoices to customers but not receiving the payments against them,since service tax is payable on biling basis and therefore lacs of service tax liability is getting accumulated and we don't have funds to pay off that liability. Is there any way to handle such situation where genuinely company is not at fault since it is not receiving the payment itself ?
I am working with a real estate company and as everyone is aware, real estate industry is not doing well. The issue which we are facing is that we are issuing service tax invoices to customers but not receiving the payments against them,since service tax is payable on biling basis and therefore lacs of service tax liability is getting accumulated and we don't have funds to pay off that liability. Is there any way to handle such situation where genuinely company is not at fault since it is not receiving the payment itself ?
CA R SEETHARAMAN
(Expert)
04 January 2016
I don't thick any way is available to you.
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