Service tax payment

This query is : Resolved

Anirudha (Querist)
Follow

31 July 2012 Hi

Can anybody answer folling query

Service tax payment on Collection Basis or Accural basis if the turnover is exceed 50 Lakh

Regards
Anirudh

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

31 July 2012 Accrual basis. The limit is applicable to the various services mentioned in the circular

Message likes : 1 times

Guest

Guest (Expert)

31 July 2012 Service tax will be paid on accrual basis.

With Regards

SANYAM ARORA

SANYAM ARORA (Expert)
Follow

31 July 2012 It will be paid on Accrual Basis

CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
Follow

01 August 2012 yes i agree with amol

Anirudha

Anirudha (Querist)
Follow

01 August 2012 Thanks for your comments dear!!!!

If any body share the circular for Limit specified the above matter of Amol reply.

Regards
Anirudh

Guest

Guest (Expert)

01 August 2012 The benefit available to individuals and firms on the basis of date of payment for eight specified services is being extended to all services. The facility will be now available to individuals and partnership firms (including limited liability partnership) up to a turnover of Rs 50 lakh in a financial year provided the taxable turnover did not exceed this limit in the previous financial year.

Guest

Guest (Expert)

01 August 2012 Pls check this link -

http://www.servicetax.gov.in/circular/st-circular12/st-circ-154-2012.htm

With Regards,

Neha Jain

Guest

Guest (Expert)

01 August 2012 The facility has been granted to all individuals and partnership firms, irrespective of the description of service, whose turnover of taxable services is fifty lakh rupees or less in the previous financial year.

Anirudha

Anirudha (Querist)
Follow

01 August 2012 Thanks Neha!, for sharing such information.

Regards
Anirudh

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok