By Notification no. 3/2011, dated 1st march 2011
service tax applicable on the transactions provided from 1st April 2011 on DEEMED TO BE PROVIDED BASIS.
That means on DUE BASIS as soon as bill rised.
My query is " if we provide any service in the previous year 2010-11, then we have to pay the service tax on that transaction on
receipt basis or.......
Please clarify me.........
Thanks
As this provision effective from 1st April, 2011 there will not be retrospective effect and same is not there in the Notification no. 3/2011, dated 1st march 2011
its better you rise query in experts forum.
Notification no. 3/2011, dated 1st march 2011
https://www.cbec.gov.in/ub1112/st03-2k11.pdf
Mr. Ankur,
Please refer to Point of Taxation Rules, 2011 issued through Notification No. 18/2011 - ST dated 01.03.2011.
Further refer to Notification No. 25/2011 - ST dated 31.03.2011 containing amendments to Point of Taxation Rules, 2011.
It states that, "Provided that services for which provision is completed on or before 30th day of June, 2011 or where the invoices are issued upto the 30th day of June, 2011, the point of taxation shall, at the option of the taxpayer, be the date on which the payment is received or made as the case may be."
Hence an option is available to you to pay Service Tax on Receipt basis.
The link is given Below:
HI! All,
My query regarding applicability of VAT/Sales Tax on Rent of Fixed Assets (Computers).
We have purchased Computer and deploy on Rental Basis. Should we charge Service Tax or VAT. Please reply urgently refering Notification in support of your reply.
Regards
Gajraj Yadav
CAclubindia
