Cenvat credit expense out in last yr
This query is : Resolved
Nishad S Dani
(Querist)
26 November 2014
ABC Ltd. has expense out cenvat credit on service tax paid in last year and now wants to take credit in current year. My question is whether such credit taken in current year will be considered as Prior Period Income as per AS-5 and can be shown in the accounts as Prior Period Income????
Rupesh Jain
(Expert)
26 November 2014
as per as-5 you have to show in balance sheet as seperate item as prior period item.
Nishad S Dani
(Querist)
26 November 2014
Thank for the reply. Actually my question was whether such credit taken is prior period income as per AS-5???
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