TaxTMI 
TaxTMI 
Unbilled revenue
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....nbilled revenue<br> Query (Issue) Started By: - N Balachandran Dated:- 25-9-2012 Last Reply Date:- 26-9-2012 Service Tax<br>Got 3 Replies<br>Service Tax<br>Sir, Can we consider the unbilled revenue a....
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....s turnover of the company. We have spent money for ongoing projects but the invoice could be not raised since the work not completed 100%. My question is here. Assume that, we have incurred expenses o....
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....f 50% of the invoice value. Without raising the invoice, can we book 50% of expenses incurred already as unbilled revenue and consider as turnover . if so, will it have the service tax implications?. ....
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....are we liable to pay Service tax / VAT since it is Works contract?. Pl clarify. Regards N.Balachandran Reply By Pradeep Khatri: The Reply: You would have to raise the Invoice/Bill/Challan within 3....
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....0 days at any cost. Reply By N Balachandran: The Reply: Invocing can not be done unless complete 100% work as per terms of contract. Since we need to show the turnover, the cost incurred for this fi....
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....nancial year have tobe booked as unbilled revenue?. what is the implications on service tax point of view. Reply By KR Ramesh: The Reply: You need to accrue the revenue as per matching concept; It ....
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....would be shown as Unbilled Revenue to Revenue and would be past of turnover; Invoice can be done after compeletion of the work/assingment;; VAT/ Service Tax liability would be applicable after Invoc....
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....ing. Regards Ramesh<br> Discussion Forum - Knowledge Sharing ....