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Accounting treatment

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(Querist)
18 December 2012 Kindly advise me the treatment of service tax received / receivable in excess of our liability in books of account becoz of claiming property tax deduction (in huge amount) against gross rent received.
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Kaushik Vinod

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Kaushik Vinod (Expert)
20 December 2012 Hi Meeta,

If the excess amount has been received then you can issue credit note to the tenant and self adjust the service tax paid to the credit of CG.

Refer Departmental Para 08 of letter F.No.B1/16/2007-TRU dated 22-05-2007 of clarification by CBEC.

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