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TMI BlogSERVICE TAX LIABILITY OF ROYALTYX X X X Extracts X X X X X X X X Extracts X X X X ..... SERVICE TAX LIABILITY OF ROYALTY X X X X Extracts X X X X X X X X Extracts X X X X ..... rovision from 1.1.2012 to 31.03.2012 on Service Tax of Royalty @10% under reverse charge machenism and payment made to foreign in may 2012. As per finance bill 2012 the rate of service tax is 12% from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.4.2012. Now i am confuse what will be the rate of charged either it is 10% or 12% for service receiver under reverse charge machenism beacuse service tax liability should be payment basis. Pl cleri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fy. Thanks Reply By Vijay Chitte: The Reply: As per CBEC, Circular No. 158/9/2012 Dt.08.05.2012 in case of tax is required to be paid on reverse charge by the service receiver, the date of payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on or after 1st April 2012, service tax need to be paid @12.36%. Reply By vijay kumar: The Reply: In terms of Section 66A of the Finance Act, 1994 read with Rule 7 of Point of Taxation Rules, 2011, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... you have to pay the service tax @ 12.36% which is applicable from 1.4.2012 since the date of payment is in May, 2012. The provision made by you in your books of account is not relevant. X X X X Extracts X X X X X X X X Extracts X X X X ..... n Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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