Payment due date

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  1. Imran Vohra

    Imran Vohra New Member

    Hello
    As per my knowledge service tax payment due date is 5th of following quarter. And for last quarter it is 31-mar.
    My question is, if invoice is generated on 31-mar then what will be payment due date?
    As it is practically difficult to pay the tax on the same day. Please guide me.

    Thanks
     
  2. nafeesa

    nafeesa Member

    if your gross receipts were less than 50L in the preceeding financial year( i.e last year) ,then on receipt basis u can pay this service tax on invoice value.
    i.e after 31st march ,if consideration is received after this date.
    otherwise u have to pay by 31st march itself
     
    Last edited: Mar 30, 2016
  3. Imran Vohra

    Imran Vohra New Member

    Just to clarify that,
    if my gross receipts were less than 50L in preceding year and and I receive the invoice value (say on 2nd April) of invoice dated 31st March, I can pay service tax by 2nd April?
     
  4. nafeesa

    nafeesa Member

    2nd april is point of taxation.
    you can pay tax within jul5th(i.e first quarter service tax payments)
     
  5. Imran Vohra

    Imran Vohra New Member

    Then this invoice (of dated 31-Mar) will be considered in which ST return?
    Oct-Mar 2015-16 or Apr-Sep 2016?
    My questions may sound silly as I am not tax professional. I am mere service provider.
     
  6. nafeesa

    nafeesa Member

    haa..ok sir we are there to help u & infact it is our job.
    April to sep 2016 return. i.e first half year.
     
  7. Imran Vohra

    Imran Vohra New Member

    Let me summarize,
    Say I have two invoices
    1) Invoice Date: 31-Mar-2016 Payment Received on 31-Mar-2016 Value: 10,000
    2) Invoice Date: 31-Mar-2016 Payment Received on 8-Apr-2016 Value: 20,000

    So, in above case, I have to pay service tax on first invoice by 31-Mar-2016 itself (i.e. 1450 = 14.5% on 10,000) and I have to show this in Oct to Mar 2015-2016 return.
    And I can service tax on second invoice by 5-Jul-2016 (i.e. 2900 = 14.5% on 20,000) and I have to show this in April to Sep 2016 return. Though invoice date is 31-Mar-2016

    Please correct me.

    Once again Thanks a lot!
     
  8. nafeesa

    nafeesa Member

    your interpretation is correct.
     
  9. Imran Vohra

    Imran Vohra New Member

    Thanks a ton!!!
     
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