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Cash accounting method of Professional

Goods and Services Tax - Started By: - ANIL ANIKHINDI - Dated:- 6-6-2017 Last Replied Date:- 7-6-2017 - It is well settled principle that all professionals like CAs, CMAs, Advocates, CSs etc. follow cash accounting system as against mercantile accounting system. They are preparing bills against provision of services from time to time. But the receipt of fees from clients is certain as to period. Sometimes they may receive payments even after 6 months, especially in case of Govt. audit assignment .....

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r may account for only against receipt of value. In the circumstances stated above how to comply with the GST law? Whether they have to continue to follow cash accounting system or they are required to switch over to mercantile system? - Reply By MARIAPPAN GOVINDARAJAN - The Reply = The system of paying service tax on actual receipt basis was prevailing only up to 2011. On introduction of point of taxation service tax is payable on billed basis. Once bill is issued GST is payable. - Reply By ANI .....

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