Whether Service tax is to be paid on unrealised security?
This query is : Resolved
04 June 2011
An Industrial Construction Service Provider has provided services and out of the total bill amount, the service receiver has retained an amount as security towards satisfactory performance.The service provider has paid the service tax on realised amount net of the security.
Whether the security amount retained by the receiver of services should be included in total realisations and whether Service tax should be paid on such unrealised security amount???
Whether the security amount retained by the receiver of services should be included in total realisations and whether Service tax should be paid on such unrealised security amount???
04 June 2011
After 01-04-2011, under Point of Taxation Rules, the amount retained may be liable to tax because the builder would have raised bill upon completion of a stage specified under the contract which attracts tax regardless of payment. Prior to 01-04-2011, retained amount may not be liable until released provided the contractee is not associate concern.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Relief u/s Section 89
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Plot of land. Cost of Acquisition
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
