Dear All,
We have a private limited company, wherein we have received an income of less than 50 lacs in the month of April-2013. But the bills are booked in March 2013, as the service was provided in last year. No other income is there in the same company.
Do we need to pay service tax with interest or without interest. I came to know that less than 50 lacs income is considered for service tax payment on receipt basis.
Please advise.
Thanks
Abhishek
As per the facts narrated, you ought to remit output service tax for services provided in March by 31 March 2013 itself. (which you might be aware of) on accrual basis as per Point of Taxation Rules.. The shelter you are talking about is not applicable for company , it is for individuals.
Hence now you have to pay tax with interest.
Regards,
Agree with Dipjyothi, please calculate and pay with interest at the earliest to avoid further damages
dear all, i have bill claimed in fin year 2011-12 @ 10.30% ST . But the above Payment received in fin year 2012-13 with ST 10.30% .,now we have to deposit ST @ 12.36% in taxation Department Or 10.30%. please Cleare this with raeson
Dear Sir can u please specify the provisions which provide for the payment of service tax on receipt basis.
Agreed with Dipjyoti....Go ahead
Agreed with Dipjyoti....Go ahead
CAclubindia
