Earlier As per Rule 5
Suppose new service become taxable for the first time,
then no tax is payable if
- Both Invoice issued and payment received before service becoming taxable
- Payment received before service becoming taxable but invoice issued within 14 days of service becoming taxable
Now as per Rule 5(From 1 March 2016)
Suppose new service become taxable for the first time, or a new levy on services(KKC) . (New Amendment)
then no tax is payable if
- Both Invoice issued and payment received before service becoming taxable
- Payment received before service becoming taxable but invoice issued within 14 days of service becoming taxable
