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of <h1>Small Businesses Can Pay Service Tax on Cash Basis for Services Under Rs. 50 Lakhs; Reverse Charge Applies.</h1> Individuals and partnership firms with a taxable service value of fifty lakhs rupees or less in the previous financial year can opt to pay service tax on a cash receipt basis for services provided or agreed to be provided, up to fifty lakhs rupees in the current financial year. This option applies according to specified due dates for the month or quarter in which payment is received. Additionally, under the reverse charge mechanism, where the service receiver is liable for the tax, payment on a cash basis is allowed. If payment is not made within three months from the invoice date, the taxation point shifts to the day following this period.
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