If service tax payment made as per payment basis for april may and june 2011 and for the month of july we are paying service tax on accrual basis. than what should we do for bill raise in the mnth of april may june. and for that payment yet not received
Question is not clear..?
For bills raised prior to 01-04-2011, erstwhile law applies.ie. tax is due on payment basis. From 01-04-2011 Point of Taxation Rule has come in to effect. As per this rule, for bills raised after 01-04-2011, the point of taxation is the date of invoice.
As per point of taxation rules 2011, service tax is required to be paid at the time when the invoice for the service provided or to be provided is issued or the payment for such service provided or to be provided is received, whichever is earlier
1) Date of invoice
2) Date of first advance received
3) Date of completion of work
whichever is earlier.
As per point of taxation rules 2011, service tax is required to be paid at the time when the invoice for the service provided or to be provided is issued or the payment for such service provided or to be provided is received, whichever is earlier
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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