26 June 2008
WE HAVE PAID EXCESS SERVICE TAX TO THE GOVT THAN WE COLLECTED IN THE FINANCIAL YEAR 2006-07. MY QUERY IS THAT, CAN WE ADJUST THAT EXCESS PAID AMOUNT IN FINANCIAL YEAR 2007-08.
IF IT IS POSSIBLE, KINDLY GIVE THE PROCEDURE TO BE DONE FOR ADJUSTING THE EXCESS PAYMENT.
KINDLY PROVIDE THE RELAVANT RULES OR NOTIFICATION.
26 June 2008
Mr.Joseph, Such excess amount of service tax paid in a month/quarter can be adjusted for succeeding month/quarter subject to: 1) such excess is not raised on account of intrepretation, classification, valuation etc., 2)If you have centralised registration, there is no monetary limit for such adjustment. Otherwise, the excess amount may be adjusted upto maximum of Rs.1 lac. 3) Do not forget to intimate the Supdt. such adjustment within 15 days. 4) The relevant Rules are 6(4A) & 6(4B) & 4(2) of Service Tax Rules, 1994.
Thanks for your message. I am happy with your information.
Further I want to clarify that we are passing the rectification entries in 31st March 2008 relating mistake happens in the financial year 2006-07. Hence, we could not able to comply the rule that to intimate the Supdt. relating to such adjustment within 15 days. We are the branch office. Our Head office is in Delhi. We have the centralized Registration.
Kindly suggest that we can adjust the excess amount in this situation.
Thanks for your message. I am happy with your information.
Further I want to clarify that we are passing the rectification entries in 31st March 2008 relating mistake happens in the financial year 2006-07. Hence, we could not able to comply the rule that to intimate the Supdt. relating to such adjustment within 15 days. We are the branch office. Our Head office is in Delhi. We have the centralized Registration.
Kindly suggest that we can adjust the excess amount in this situation.
CAclubindia
