![]() ![]() Lea Associates South Asia P.Ltd (2014)36 STR 909ġ.4 In a case where insurance premium was received in advance and policy was issued and thereafter the rate of service tax had increased the Tribunal held Union Bank of India (2014) 36 STR 470 (Tri- Mum)[See CST v. CCE (2007) 8 STT 82 (CESTAT-Chennai) - Based on law prior toġ.3 The rate of tax applicable is the rate prevailing on the date of rendering of services and not the rate prevailing on the date of billing. Which payment is received by the service provider. – Bang.)]ġ.2 For determination of service tax liability, the relevant date is the date on which service is received by the service recipient and not the date on To service tax notwithstanding the contract continued post when the rate became 8%. Hence contracts entered into prior to would be exigible The payment of installments is only the obligation of the hirer. It is not a case where there is a continuous service during the term of the contract when the installments are paid. Prevailing on the date on which the contract is entered into. Therefore, the rate of service tax will be the rate Point of Taxation Rules, 2011)ġ.1 In respect of hire purchase contracts, the taxable event occurs upon entering into the contract. 1 Time of Supply and rate of service tax (Prior to i.e. ![]()
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