- (i) Date on which taxable services have been provided;
- (ii) Date of issue of invoice;
- (iii) Date of receipt of payment
- (i) If payment is received in cash: The date when the same is recorded in books of accounts or the date when deposited in bank account (if deposited), whichever is earlier.Thus, if payment is received by cash and same is recorded prior to 31.03.2012, date of payment shall be considered to be prior to 31.03.2012 (i.e. on such date when it is recorded in books of accounts).
- (ii) If Payment is received by an instrument which is credited to a bank (e.g. cheque): In such case, if payment is recorded in books of accounts prior to 31.03.2012 and payment is credited in bank after 31.03.2012, in such case, date on which payment is recorded in books of accounts shall be considered as “date of payment” if Payment is credited in bank by 05.04.2012 (4 working days are allowed from the date of change of rate of tax, 01.04.2012 is Sunday).However, if payment is credited after 05.04.2012, date of credit in bank shall be considered as ‘date of payment’.
Note:In few States Four working days end on 09/04/2012 as 01/04/12 is Sunday, 2/04/2012 is bank holiday for year end closing ,3 and 4 working,5/12/2012 holiday on account of Mahavir jayanti and 06/12/2012 is holiday on Account of Good Friday 7 th is working but 8th is Sunday so Fourth working day falls on 09/04/2012
- (i) Applicability of 10.3 %: If two out of the three events given in step 1 herein above took place prior to 31.03.2012;
- (ii) Applicability of 12.36%: If two out of the three events given in step 1 here in above took place on or after 01.04.2012;