Service tax

it shall be taxable on receipt basis.

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In my opinion, for those cases, option has been given to the assessee ,either to opt for POINT of TAXATION rules, or wait till the payment is received from the client.

Plz correct me if m wrng

agree with parvin

For Bill dated prior to 01-07-2011, old system can be continued.

thank to all sir.....

it shall be taxable on receipt basis. follow previous rule .

Agree with Mr. Praveen
 

Before 01-07-2011 taxable on receipts basis.

yes it would be on receipt basis

thanks to all.....

I agree with Mr. Praveen.

No I don't agree with praveenand others. I think CA Sumit Grover is right. An option is available. For more clarification please refer to Notification No. 25/2011-ST dated 31.03.2011 and point number 2 of Circular through F.No.341/34/2010-TRU dated 31.03.2011. An option is available for assessees upto 30.06.2011 to pay tax on payment basis. For reference link is given below:

https://www.servicetax.gov.in/st-notfns-home.htm

https://www.servicetax.gov.in/circular/st-circular11/st-circ-ptr-rules2011.htm