Cenvat
This query is : Resolved
shaikh irshad
(Querist)
21 March 2014
Service tax is paid under reverse charge mechanism by the company. The amount paid is taken as cenvat against the output service tax. however the amount of cenvat (of service tax paid under RCM) is more than output service tax at the end of financial year.
Whether excess amount can be carried forward to next financial year? or it can be taken as refund? or it can be adjusted against output excise duty? or unadjusted cenvat will have to be written off in the books of accounts?
Whether excess amount can be carried forward to next financial year? or it can be taken as refund? or it can be adjusted against output excise duty? or unadjusted cenvat will have to be written off in the books of accounts?
21 March 2014
1. CENVAT Credit of service tax can be adjusted against excise duty liability.
2. CENVAT Credit can be carried forward indefinitely. It is NOT to be written off at the end of the year.
3. Service tax paid under reverse charge can be claimed as refund.
You can follow any option.
2. CENVAT Credit can be carried forward indefinitely. It is NOT to be written off at the end of the year.
3. Service tax paid under reverse charge can be claimed as refund.
You can follow any option.
Message likes :
1 times
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
