When Service Tax is to be Deposited in case of Factoring?
This query is : Resolved
Monu Bhardwaj
(Querist)
26 May 2011
As per Finance Act service tax is to be deposited at the time of actual receipt of invoice value.
If we discounted these bills from our bankers or sold to a factor. When should we deposit service tax?
At the time of bill discounting/Factoring or when actual payment remitted by the customer/debtor to bank.
If we discounted these bills from our bankers or sold to a factor. When should we deposit service tax?
At the time of bill discounting/Factoring or when actual payment remitted by the customer/debtor to bank.
U S Sharma
(Expert)
26 May 2011
the practice is old, now you have to deposit the service tax for invoice issued in month by 5th of following month ( 31st march in case of bills issued in march)
27 May 2011
Please refer Point of Taxation Rules, 2011 which clears your doubts
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