As individual I have provided services for value of Rs. 30 laks in May 2013 but got partpayment of Rs 20 lakh only in December 2013. Whether I can deduct Rs 10 lakhs and pay ST on balance Rs 10 lakhs. Do I have to pay interest and penalty on late payment.
sir you need to pay ST only on 20 lakhs after cliaming SP exemption 33/2012.Pay service tax by 5th or 6th on 10 lakhs only.
However sinnce you are individual, your service atx collection will be dealt by provisio to rule 6 of STR,1994, which says that for Agreegate value of Taxable service upto 50 Lakhs , ST shall be collected on cash basis in on quarter Bais.
Remember what is changed is collection mechanisim, not point of taxation.POT will be same as for other assesse.
For reference please refer Proviso to rule 6 of STR,1994
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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