Wrong rate of service tax is charged
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2012
during the audit it was found that , Invoice is raised as on January 16th 2012, Service Tax charged @10.3%. The bill has been booked as journal as on 1.8.2012. Can you inform me which are the laws are violated by this accounting?
I feel AS- 9 on Revenue recognisition has been violated as the income was to be booked as on 16.01.2012.
Also if invoice is booked on 1.8.2012 service tax should be 12.36%.
I feel AS- 9 on Revenue recognisition has been violated as the income was to be booked as on 16.01.2012.
Also if invoice is booked on 1.8.2012 service tax should be 12.36%.
19 December 2012
Hi
In service tax as per rule 4A invoice is required to be raised in 15 days (30 days from 1 Apr 12) post completion of service provided, so there is non compliance.
Thanks
In service tax as per rule 4A invoice is required to be raised in 15 days (30 days from 1 Apr 12) post completion of service provided, so there is non compliance.
Thanks
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