With effect from 1st June 2015, the service tax rate is increased to 14%
Please refer below table for easy understanding of how much tax to be chared on service.
Assumed that the invoice is issued in time
Please refer below table for easy understanding of how much tax to be chared on service.
Assumed that the invoice is issued in time
| Service provided till 30th May 2015. |
When Tax is 12.36%
|
When Tax is 14%
|
Rate
|
POT
|
Service Completed
| Invoice Issued & Payment Received | 14% | Dt. of Invoice OR Dt. of Payment received Whichever is earlier | |
| Service Completed & Invoice Issued | Payment Received | 12.36% | Date of Invoice Issued | |
| Service Completed & Payment Received | Invoice Issued | 12.36% | Date of Payment received | |
| Service provided from 1st June 2015. |
When Tax is 12.36%
|
When Tax is 14%
|
Rate
|
POT
|
| Invoice Issued & Payment Received | Service Completed | 12.36% | Dt. of Invoice OR Dt. of Payment received Whichever is earlier | |
| Payment Received | Service Completed & Invoice Issued | 14% | Date of Invoice Issued | |
| Invoice Issued | Service Completed & Payment Received | 14% | Date of Payment received |
