I want to know the applicability of Equalization levy as in one case invoice date is 15/05/2016 i.e. before 01/06/2016 and payment made after 01/06/2016 whether equalisation levy would be applicable??
Pls reply soon.
I want to know the applicability of Equalization levy as in one case invoice date is 15/05/2016 i.e. before 01/06/2016 and payment made after 01/06/2016 whether equalisation levy would be applicable??
Pls reply soon.
No, equilisation levy will not be applicable in the instant case as the services were recevied prior to the notified date. This view is supported by Para 163(3) of Chapter VIII of the Finance Act 2016 which is reiterated below for reference.
"(3) It shall apply to consideration received or receivable for specified services provided on or after commencement of this Chapter."
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