HI EVERYONE MY QUERY IS
FROM OCT 1 2011 FILING OF SERVICE TAX RETURN ELECTRONICALLY HAS BECOME COMPULSORY
IS PAYMENT OF SERVICE TAX ALSO NECCESARY ELECTRONICALLY?????
SECOND QUERY
IN MAY 2012 EXAM WHICH RATE OF SERVICE TAX WE SHOULD APPLY 12.36 OR 10.3???
PLS ANSWER MY QUERY AS EARLY AS POSSIBLE....THANKING YOU
12.36 is applicable for the exam in may 2012
hey it will be 10.3% only..
it should be 10.3% as for may 2012 the question paper, will be set for the fy 2011-12
hey try to understand practicality.... u have to apply rates of service tax depending on sum....
if in the question ; dates are before applicability of 12% rates, then apply 12% and otherwise in other situation( i.e. 10% ). so, don't be confused....
yes, payment of service tax electronically is also necessary.
Rate= 10.3%
&
Payment may be made in cash OR e-Payment
10.30 & not 12.36
itz 10.3% only bcz for may 12 xamz amendments uptill 31-10-2011 are applicable nd 12.36 % cam into being in mar 2012 so not applicable for may 12 xam
Depending on the date given apply the rates. I am giving a table for better understanding
|
Service for the month |
Date of Invoice raised |
Date of Payment received |
Point of Taxation |
Effective Rate of Tax |
|
March’12 |
05.04.12 |
10.04.12 |
05.04.12 |
12.36% |
|
March’12 |
05.04.12 |
30.03.12 |
30.03.12 |
10.36% |
|
March’12 |
31.03.12 |
10.04.12 |
31.03.12 |
10.3% |
|
March’12 |
31.03.12 |
30.03.12 |
30.03.12 |
10.3% |
|
April’12 |
30.04.12 |
30.03.12 |
30.03.12 |
10.3% |
|
April’12 |
30.04.12 |
02.05.12 |
30.04.12 |
12.36% |
Hope this calrifies your doubt.
Dear,
E-filing of Service Tax Returns (ST-3) made mandatory for All Assessees wef 01.10.2011
and E-payment mandatory for those who have paid service tax of Rs. 10 Lakhs or more by cash or through Cenvat account during the preceding year.
|
itz 10.3% only bcz for may 12 xamz amendments uptill 31-10-2011 are applicable nd 12.36 % cam into being in mar 2012 so not applicable for may 12 xam |
 |
|
totally agree
Practically and as well as theoritically speaking, rate of service tax will be 10.30% for exams because Budget 2012 is not at all applicable to May 2012 exams. THis is same as in case of income tax slabs.
As regards, payment, electronically, if service provider has made a payment of service tax of Rs. 10 Lac or more in previous Financial Year, only then e-payment is compulsory. Although in case of return e-filing of return is compulsory now irrespective of the any limit.
Hello All, If any one requires CA IPCC notes on Service Tax in easy and lucid manner which eliminate the need to face to face coaching, please send me and email to raminder2d @ gmail.com. I will email these notes to you. These notes have 100% coverage and is prepared in Self-study manner. You will not require any mentor or teacher to explain the concepts. Thats my gurantee. Thanks
CAclubindia
