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Service tax payment of individual and prop.ship firms
Individuals and Prop.ship firm registered under ST rules are liable to pay ST in POT rules or Actual receipt from client...ie whether they can pay ST to govt. after getting ST from client eventhough they raise the bill?
Replies (3)
Individuals and partnership firms having a turnover upto Rs.50 lakhs in the immediately preceding financial year have an option to pay service tax on receipt basis..i.e when they actually receive it from their client...in all other cases it has to be remitted on the basis of bills raised..
Thanks for the reply....suppose a vendor having TO in 2014-2015 more that 50 Lkahs TO, and In FY 2015-16 it is less than Rs.50 Lakhs
Can he opt payment on receipt basis during FY 2016-2017?
yes..he can pay service tax on receipt basis..the concept of one applicable forever applicable is not applicable here...
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