Dear all,
which time we take input credit of service tax at the time deposit of tax or at when filing the return.Plz help me
Thanks in advance
Sachin Rajput (account exe) (593 Points)
02 September 2011Dear all,
which time we take input credit of service tax at the time deposit of tax or at when filing the return.Plz help me
Thanks in advance
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 02 September 2011
As and when you receive the input service you can take the credit. Need not wait for filing of return or payment of tax. But till the budget 2011 an assesee was allowed to take credit only after he makes payment to service provider. Post budget 2011 check if there is any change.
Regards
Dayananda
Sachin Rajput
(account exe)
(593 Points)
Replied 02 September 2011
suppose till 31.08.11
output service tax- Rs100000/- and input -rs10000/-
than how much deposit in bank.
SUNIL
(ACCOUTANT)
(167 Points)
Replied 02 September 2011
Service tax is also work as Vat but it is known as CENVAT. It depend on nature of work , section and subsection that cenvat allow. if the cenvat is allowable than work as vat simply.
Sachin Rajput
(account exe)
(593 Points)
Replied 02 September 2011
than i would be depost rs 90000/-
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 03 September 2011
Option of paying of receipt basis canbe exercised upto 1.7.2011. In that period ST payable = ST billed on amount recived less cenvat on input services [ to extentpaid]
After 1.7.2011 the payment is on billing/ advance or completion whichever is earlier.
Sachin Rajput
(account exe)
(593 Points)
Replied 03 September 2011
sir supoose
after 01.07.11 our output service tax is-200000/ and input -15000/ than how much service tax will be deposit in bank .
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