New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Applicability of rate of Service tax for the taxable services provided prior to 1st June 2015 but billed and received payments at a later date An analysis

Service Tax - By: - Indian Commerce - Dated:- 9-6-2015 Last Replied Date:- 10-6-2015 - Introduction: The Finance Bill, 2015 has received President s assent on 14th May 2015, increasing the rate of Service tax to 14% w.e.f. 01st June 2015 by amending Section 66B. It is now important to understand the applicability of the new rate, particularly when a taxable service provided is prior to change in rate of tax, since, charging Service tax from 1st June 2015, for the taxable services provided prior .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r is earlier According to this rule, the invoice and the receipt of payment occurring after 1st June 2015, the rate of tax @ 14% should be applied, even though services was rendered prior to 1st June 2015. ii) Rule 6 of Service tax Rules, 1994 for Payment of Service tax As per this Rule, the service tax shall be paid by the 5th or 6th of the month immediately following the month in which services are provided or deemed to be provided as per the rules framed in this regard. Since, Rule 6 still ex .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or agreed to be provided. According to this Section, for the services completed prior to the change in the rate of tax (1st June 2015, in this case), the applicable rate of service tax shall be the one prevailing at the time when a taxable service is provided or agreed to be provided (date prior to 1st June 2015). Similarly, this Act also covers services agreed to be provided, it would even be applicable in a case where advance is received before the change in the effective rate of tax for a tax .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version