Dear all, Effective from 01/07/2011 Service tax payment provision changed from Receipt basis to Accrual basis . Please tell me the procedure for the Invoice raised till june 30th.Whether should pay on receipt basis or accrual basis.
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What is the Payment procedure for the inv raised till June
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| Originally posted by : PRAKASH C B | ||
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Dear all, Effective from 01/07/2011 Service tax payment provision changed from Receipt basis to Accrual basis . Please tell me the procedure for the Invoice raised till june 30th.Whether should pay on receipt basis or accrual basis. |
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The service tax for the Invoice Raised before or 30th June would applicable on receipt basis only.
It is only the Invoice Raised on and after 1st July,2011 on which the service tax is payble whichever is earliest:
a) Time of Invoicing.
b) Time of Payment/Advance recieved.
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