TMI BlogUnbilled revenueX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, Can we consider the unbilled revenue as turnover of the company. We have spent money for ongoing projects but the invoice could be not raised since the work not completed 100%. My question is here. Assume that, we have incurred expenses of 50% of the invoice value. Without raising the invoice, can we book 50% of expenses incurred already as unbilled revenue and consider as turnover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . if so, will it have the service tax implications?. are we liable to pay Service tax / VAT since it is Works contract?. Pl clarify. Regards N.Balachandran - Reply By Pradeep Khatri - The Reply = You would have to raise the Invoice/Bill/Challan within 30 days at any cost. - Reply By N Balachandran - The Reply = Invocing can not be done unless complete 100% work as per terms of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontract. Since we need to show the turnover, the cost incurred for this financial year have tobe booked as unbilled revenue?. what is the implications on service tax point of view. - Reply By KR Ramesh - The Reply = You need to accrue the revenue as per matching concept; It would be shown as Unbilled Revenue to Revenue and would be past of turnover; Invoice can be done after compeletio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the work/assingment;; VAT/ Service Tax liability would be applicable after Invocing. Regards Ramesh - Unbilled revenue - Query Started By: - N Balachandran Dated:- 25-9-2012 Service Tax - Got 3 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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