9911796707
TMI BlogUnbilled revenueX X X X Extracts X X X X X X X X Extracts X X X X ..... Unbilled revenue X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 . if so, will it have the service tax implications?. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30 days at any cost. Reply By N Balachandran: The Reply: Invocing can not be done unless complete 100% work as per terms of contract. Since we need to show the turnover, the cost incurred for this f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would be shown as Unbilled Revenue to Revenue and would be past of turnover; Invoice can be done after compeletion of the work/assingment;; VAT/ Service Tax liability would be applicable after Invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cing.
Regards
Ramesh X X X X Extracts X X X X X X X X Extracts X X X X
|
