23 October 2007
Dear frinds, Company got registration certificate say from feb,2007 after that company has charged service tax on taxable services and recover as well as submitted to the government a/c but the company has mead billing on the taxable services before the getting registration certificate so 1. Is company liable for the service tax which has not collected before registration? 2. If yes then how to treated in accounts it is contingent liability or the current liability for the company? 3. Whether any interest or penalties required paying? & how it calculates?
23 October 2007
WHETHER OR NOT WE ARE REGISTERED,WE HAVE COLLECTED TAX ON BEHALF OF GOVT. WE HAVE NO RIGHT TO REFUND. THE ONLY ROUTE IS DEPOSIT SAME WITH GOVT.BECAUSE THE PARTY HAS PAID YOU BELIEVING YOU AS A TRUSTEE FOR GOVT. IT IS ASTATUTORY CONFIRMED LIABILTY ,NOT A CONTINGENT LIABILITY. FOR DEALY IN DEPOSIT OF TAX INTEREST LIABILITY AS WELL AS PER DAY FINE OF RS. 200 IS PAYABLE UNDER SERVICE TAX ACT. PL. VISIT WWW.SERVICE TAX.GOV.IN FOR MORE DETAILS. R.V.RAO
CAclubindia
