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TMI BlogService tax on Previous year billsX X X X Extracts X X X X X X X X Extracts X X X X ..... A chartered accountant firm having gross receipts more than Rs. 50 lacs is maintaining accounts on cash basis. Whether differential service tax ( 12.36% minus 10.3%) on bills raised upto 31 st March, 2012 and payments received subsequently in April, May, June and July, 2012, is to be paid ?? - Reply By JAMES PG - The Reply = Please refer to the Circular No 158/9/2012 dated 8th Maywherein it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is clearly mentioned that for payments made after 1st April,2012, ST to be discharged at 12.36% in respect of the 8 servcies which includes CA's also Circular No. 158/9/ 2012 ST F.No 354/69/2012- TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Tax Research Unit Room No 146, North Block, New Delhi Dated : 8 th May 2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... To Chief Commissioner of Customs and Central Excise (All) Chief Commissioner of Central Excise Service Tax (All) Director General of Service Tax Director General of Central Excise Intelligence Director General of Audit Commissioner of Customs and Central Excise (All) Commissioner of Central Excise and Service Tax (All) Commissioner of Service Tax (All) Madam/Sir, Sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ject : - Clarification on Rate of Tax - regarding. The rate of service tax has been restored to 12% w.e.f. 1 st April 2012. Representations have been received requesting clarification on the rate of tax applicable wherein invoices were raised before 1 st April 2012 and the payments shall be after 1 st April 2012. Clarification has been requested in case of the 8 specified services provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded by individuals or proprietary firms or partnership firms, to which Rule 7 of Point of Taxation Rules 2011 was applicable and services on which tax is paid under reverse charge. The rate of service tax prevalent on the date when the point of taxation occurs is rate of service tax applicable on any taxable service. In case of the 8 specified services and services wherein tax is required to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e paid on reverse charge by the service receiver the point of taxation is the date of payment. Circular No 154/5/2012 ST dated 28 th March 2012 has also clarified the same. Thus in case of such 8 specified services provided by individuals or proprietary firms or partnership firms and in case of services wherein tax is required to be paid on reverse charge by the service receiver, if the payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is received or made, as the case maybe, on or after 1 st April 2012, the service tax needs to be paid @12%. The invoices issued before 1 st April 2012 may reflect the previous rate of tax (10% and cess). In case of need, supplementary invoices may be issued to reflect the new rate of tax (12% and cess) and recover the differential amount. In case of reverse charge the service receiver pays ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tax and takes the credit on the basis of the tax payment challan. Cenvat credit can be availed on such supplementary invoices and tax payment challans, subject to other restrictions and conditions as provided in the Cenvat Credit Rule, 2004. Trade Notice/Public Notice may be issued to the field formations accordingly. Please acknowledge the receipt of this circular. Hindi version to foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow. (Dr. Shobhit Jain) OSD, TRU Fax : 011-23093037 - Reply By Pradeep Khatri - The Reply = This has been stayed by High court. - Reply By JAMES PG - The Reply = The stay is granted for the corecive recovery of the diffrential service tax against the appeal filed by Delhi Chartered Accountants Society on 28th July,12. Can it be made applicable to all service provioders acro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss the country until Board issues necessary amendments? - Reply By Pradeep Khatri - The Reply = 27.07.2012 Delhi High Court today Stays collection of differential demand of service tax of 2% on services provided and invoices issued prior to 01.04.2012 for which payment received after 31.03.2012 on following 8 categories of professionals services Architect Interior Decorator Cost Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... countant . Chartered Accountant Company Secretary Scientific or Technical Consultancy Legal Service Consulting engineer services High court was hearing a petition filed by Delhi Chartered Accountants Society. Further, for seeking the relief, one has to file a writ petition in jurisdictional High Court or clarification from the board is required. - Service tax on Previous yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r bills - Query Started By: - Sanjeev Sharma Dated:- 27-7-2012 Service Tax - Got 4 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - 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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