Deposit of Service Tax collected

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  1. darshan L Khanijo

    darshan L Khanijo New Member

    Deposit of Service Tax in case of Partnership Firm need to be deposited in Govt a/c on accrual or receipt basis ?
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Simply follow the procedure which i explained below:
    If your gross service receipts were less than 50L in the preceding financial year(i.e last year),then go on receipt basis.
    i.e take that date of receipt as point of taxation and deposit the service tax to government by 5th date from the quarter ended in which such receipt was received.
    else go on accrual basis.
    i.e take invoice date as point of taxation & deposit to govt within the date as i mentioned above.
    But take care, if u have received the payment before raising the invoice ,then this date has to be taken as point of taxation.
    or in cases where u have received consideration in advance i.e before providing the service and also it is more than rs.1000/- then this date has to be taken as point of taxation.
     
    Last edited: Apr 1, 2016
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