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Handbook on Point of Taxation Rules, 2011

Written By Admin on Tuesday, 12 February 2013 | Tuesday, February 12, 2013

Service tax, which made a modest beginning in the year 1994, has  metamorphosed into a full fledged indirect tax making its presence felt in the economy as it has been the dominant sector in terms of the contribution to  gross domestic production of the country. Receipt of payment for the services provided/to be provided used to be the trigger point for the service tax liability till 31st  March, 2011. However, the well settled position was given a go by with the advent of the Point of Taxation Rules, 2011 which shifted the point of taxation from realization basis to accrual basis. This move was seen as a precursor to the much awaited tax reform, Goods and Service Tax. The paradigm shift in the taxation of services viz., from positive approach to negative list based approach is yet another step taken by the Central Government in the same  direction.
With the introduction of Point of Taxation Rules, 2011, the responsibility of a  Chartered Accountant has increased manifold, which requires him to continually update his knowledge to enhance his professional skills. Appreciating the needs of the members, an attempt has been made by the Indirect Taxes Committee of the Institute of Chartered Accountants of India to provide handy information on the Point of Taxation Rules, 2011 to them. I compliment CA. Madhukar N Hiregange, Chairman and entire team of the Indirect Taxes Committee for their untiring efforts in bringing out this  e-Handbook on Point of Taxation Rules, 2011 for the members. 

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