Service tax rate change 12.36% to 14% from 01/06/2015
This query is : Resolved
21 May 2015
Sir,
I Have service Provided in May 2015 and I Produce the Invoice in 1st June 2015
so what is my Service Tax Liability Incurred ???
Sir,
I Have service Provided in May 2015 and I Produce the Invoice in 1st June 2015
so what is my Service Tax Liability Incurred ???
21 May 2015
it will be old rate only i,e 12.36%
21 May 2015
Tushar Are you sure about this ?????
21 May 2015
pls refer to point of taxation rules, u will get the ans in it.
21 May 2015
as the service & invoice will be provided before 31.5.2015 & rate is changed by and after 1.6.2015
21 May 2015
ok.......... was in doubt abt that... thanks for the info dear
21 May 2015
14% will be applicable if Invoice is raised on or after 1st June 2015 and payment also received on or after 1st June 2015 even if service is provided in May 2015.
Switch over to new rates.
To simplify:-
Rule 4 of Point of Taxation Rules change in effective rate of Service Tax:
There are three events that occur in connection with a service
A. Issue of Invoice
B.Payment received
C. Provision of Service
If any two out of the three events have occurred on/before 31st May, the old rate of 12.36% shall be applicable.
If any two out of the three events have occurred on/after 1st June, the new rate of 14% shall be applicable.
Switch over to new rates.
To simplify:-
Rule 4 of Point of Taxation Rules change in effective rate of Service Tax:
There are three events that occur in connection with a service
A. Issue of Invoice
B.Payment received
C. Provision of Service
If any two out of the three events have occurred on/before 31st May, the old rate of 12.36% shall be applicable.
If any two out of the three events have occurred on/after 1st June, the new rate of 14% shall be applicable.
21 May 2015
for summarised table on same can refer this link.
https://www.caclubindia.com/forum/details.asp?mod_id=328064#.VV3ogPmqqko
https://www.caclubindia.com/forum/details.asp?mod_id=328064#.VV3ogPmqqko
21 May 2015
https://taxguru.in/service-tax/service-tax-rate-increased-1236-14-subsuming-ec-shec-effective-01062015.html
Above link may kindly be seen in this regard.
Above link may kindly be seen in this regard.
21 May 2015
Please refer case 1 in any of the link. Rate will be 14%. Correct me if I am wrong.
21 May 2015
the querist have used the words produce invoice and not making of invoice so i suggested 12.36% assuming the service is provided and invoice prepared before 31.5.2015 but invoice produce on or after 1.6.2015.
if the invoice is also prepared after 31.5.2015 then 14% shall be applicable.
if the invoice is also prepared after 31.5.2015 then 14% shall be applicable.
21 May 2015
Yes. If Invoice date is on or after 01.06.2015 then 14% will be applicable.
But the basic thing is if the invoice is raised before 1st June 2015 then how can he charge 14%? So I assume the querist wanted to know what if invoice is raised on or after 1st june even though service is provided in May.
But now querist have answer for all the doubts. So no issues.
But the basic thing is if the invoice is raised before 1st June 2015 then how can he charge 14%? So I assume the querist wanted to know what if invoice is raised on or after 1st june even though service is provided in May.
But now querist have answer for all the doubts. So no issues.
22 May 2015
The same thing I asked,i had checked in evening but thought to reply in this in morning......tusharji plz do take care while answering...good luck
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