Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: cpt :: due date for vat payment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: form 3cd
« Service Tax »
 Do you know which 80C instruments can help you save tax and carry no future tax liability?
 E-way relief, for now, to e-commerce, courier firms sending small orders
 Where to invest for saving more on taxes
 A simpler GST can become a registry of all invoices, says iSPIRT’s Sharad Sharma
  Income Tax department may defend CPC in returns fraud case
 One GST rate not possible, next reform after compliance improves,
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
  GST Network simplifies returns filing process
 Why is the successful roll-out of the e-way bill necessary?
 How service tax became revenue lifeline for the Govt
 Three simple tricks to save income tax without investing fresh funds

Service providers foxed by new tax rule
March, 22nd 2012

The Budget has left several service providers ranging from tax consultants to travel agents, architects to interior decorators, in a quandary over the new rate of service tax, which has been hiked from 10% to 12% with effect from April 1.   A few of these service providers

raise invoices or bills for the services provided by them several months later and realisation of payment takes place then. The issue of debate is whether one would have to pay 12% service tax for a service rendered before March 31, but bill raised and payment received thereafter?
The service tax department has clarified that in such cases where services have been rendered before or on March 31, would attract 10% tax, though payment can be received on a later date.

"Against a service rendered by a small and medium service provider before or on March 31 and the bill raised and payment is received after it, the tax will be charged at 10%," said VK Garg. joint secretary, Central Board of Excise and Customs (CEBC).

As a word of caution, Garg said that the mere issuing of invoice, without providing service would not benefit service providers.

"If someone raises an invoice before March 31 and provides service after this date to avoid paying 12% tax, it will be considered as a case of tax evasion," said Garg.

CBEC may initiate action against such tax evaders.

"This clarification will be beneficial for professional service providers, as realisation of payment takes at a much later date from the date of providing service," said JK Mittal, chairman, Indirect Tax Committee, PHD Chamber.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions