Term 'completion of service' for rent a cab

Queries 537 views 1 replies

Chris dsouza

manager

30 Points Joined August 2011

Can anyone pls help? We rent out buses to companies on contract for 1 year for transport of employees. billing was done on monthly basis & service tax charged @ 4.12% under rent a cab.

With new changes & no proper definition of 'completion of service'. Can we continue billing on monthly basis?

Replies (1)

CA Unnikrishnan Nair N

Chartered Accountant

2083 Points Joined February 2011

The present system of billing can be continued . Your point of taxation is date of each such bill. But if you receive any payment before billing, date of such payment will be the point of taxation.