Introduction The Point of taxation rules were introduced in 2011 and since then, the govt. has made numerous amendments to it. Recent Changes 1. In case of individuals and firms, where the taxable services provided in a year do not exceed Rs. 50 lakhs, they have the option to pay service tax on receipt basis. 2. In-case service provider receives up to Rs. 1000 in excess of the invoice amount; there is no need to raise fresh invoice for such excess amount if POT rules are followed. 3. Exporter of service is not required to pay tax if payment is received within the period specified by RBI. 4. Date of payment has been specifically defined under Rule 2A · In normal case - Prior to entry into books of accounts or actual credit · In case of change of rate or new levy betw...
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