Accumulated service tax credit
This query is : Resolved
Anurag Suresh kulkarni
(Querist)
07 January 2014
Can a manufacturing company take Accumulated service tax Credit of Last 2 years to set off it's Service tax liability ? Will it make any difference if it has not shown the same credit lying to its asset side in balance sheet in the Service tax returns?
CA Sanjeev Kr Jain
(Expert)
16 January 2014
YES IT CAN BE CLAIMED NOW
NO PROBLEM BUT IN THE CURRENT YEAR BEFORE PASSING ADJUSTMENT ENTRY FOR UTILISATION OF CREDIT, PASS ENTRIES OF OF EARLIER YEARS ALSO BY DEBITING THE CENVAT AND CREDIT THE RESPECTIVE EXPENSES
NO PROBLEM BUT IN THE CURRENT YEAR BEFORE PASSING ADJUSTMENT ENTRY FOR UTILISATION OF CREDIT, PASS ENTRIES OF OF EARLIER YEARS ALSO BY DEBITING THE CENVAT AND CREDIT THE RESPECTIVE EXPENSES
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- TDS Return Statement Status
- RCM and same line
- Rectification under processing even after 6 months cpc portal
- ARCA LOGIN
- Closer of business and itc of capital goods
- Appointment of Auditor By Form ADT-1
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
