3.Determination of point of taxation.- For the purposes of these rules, unless otherwise provided, ‘point of taxation’ shall be,-

(a)  the time when the invoice for the service 7[provided or agreed to be provided is issued:

Provided that where the invoice is not issued within the time period specified in rule 4A of   the Service Tax Rules, 1994, the point of taxation shall be date of such completion of provision of the service.

(b) in a case, where the person providing the service, receives a payment before the time specified in  clause (a), the time, when he receives such payment, to the extent of such payment.

[Provided that for the purposes of clauses (a) and (b),-

(i)  in case of continuous supply of service where the provision of the whole or part of the service is determined periodically on the completion of an event in terms of a contract, which requires the receiver of service to make any payment to the service provider, the date of completion of provision of service;

(ii)wherever the provider of taxable service receives a payment up to rupees one thousand in excess of the amount indicated in the invoice, the point of taxation to the extent of such excess amount, at the option of the provider of taxable service, shall be determined in accordance with the provisions of clause (a).

xplanation .- For the purpose of this rule, wherever any advance by whatever name known, is received by the service provider towards the provision of taxable service, the point of taxation shall be the date of receipt of each such advance.

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Taxation

Enhancing a stakeholder value is a fundamental concept, which drives every management effort in the modern business environment. Progressive and bottom – line focused managements have realized that taxes should be viewed as a dynamic item of cost, rather than a passive charge on the profits....

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Managing Risk to enhance performance to truly manage risk, it is vital to enable the right frameworks. We help enhance your business performance by building strong risk management frameworks into the very core of your business processes. This enables us to minimize...

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Assurance

Our assurance services include Statutory audit, Tax audit and Special audits. We carry out audit of financial statements prepared in accordance with various GAAP's (IGAAP/US GAAP / IFRS / other international GAAP) under applicable auditing standards. Our audit methodology is compliant...

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