adjustment of service tax

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CA Aman Agarwal

CA Aman Agarwal (Querist)
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01 July 2010 whether service tax credit of P.Y. is to be setoff among the current year service tax payable?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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01 July 2010 Yes.

Balance of cenvat credit carried forward from previous year can be adjusted against tax payable for the current year.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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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

CA Aman Agarwal (Querist)
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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

CMA Ramesh Krishnan (Expert)
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01 July 2010 Sure , You can take credit and agree with above experts view

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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02 July 2010 AGREED, YOU CAN TAKE IT.

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