adjustment of service tax
This query is : Resolved
CA Aman Agarwal
(Querist)
01 July 2010
whether service tax credit of P.Y. is to be setoff among the current year service tax payable?
Shyam Lal Naik
(Expert)
01 July 2010
Yes.
Balance of cenvat credit carried forward from previous year can be adjusted against tax payable for the current year.
Balance of cenvat credit carried forward from previous year can be adjusted against tax payable for the current year.
01 July 2010
agreed, Balance of Service Tax Credit a/c can be utilized for current year and for next year. there is no time limit for utilization of it.
CA Aman Agarwal
(Querist)
01 July 2010
Please confirm me that if I have paid a bill including Service Tax in April, 10 and has deposited my 1st Quarter Service Tax without adjusting that amount. Still can I take credit in Quarter 2.
CMA Ramesh Krishnan
(Expert)
01 July 2010
Sure , You can take credit and agree with above experts view
02 July 2010
AGREED, YOU CAN TAKE IT.
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