Dear Experts,
I want to know about the applicability of new service tax 14% on freight forwaring business.Suppose it provided the freight forwarding service up to 31st may and entered the Airway bills in theri software date wise and billing is done after 1st june and payment also received at later date now What is the rate applicable?
If service is provided before change and invoice is raised or payment is received, before change, then ST at old rate.
In the above case, provision of service is done before the change, but invoice is raised and also payment is received after change, hence ST @ 14%.
But if invoice is dated 31st May, then ST applicable will be 12.36% only.
Thanks, it was of great help.
HKC | Chartered Accountants & Business Advisors
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