credit
This query is : Resolved
14 May 2009
What do you mean by credit of service tax. My understading is as below:
1. Incuring expenditure.
Exp Dr 100
ST Dr 10
to Bank 110
2. When I provide for services then
Debtors Dr 110
To Sales/Income 100
To ST Payable 10
Now I have to just pay Rs.10 to the govt.
Can I offset the Rs.10 payable on sales/income against the Rs.10 paid on expenses, in which case i need not pay anything to govt.?
1. Incuring expenditure.
Exp Dr 100
ST Dr 10
to Bank 110
2. When I provide for services then
Debtors Dr 110
To Sales/Income 100
To ST Payable 10
Now I have to just pay Rs.10 to the govt.
Can I offset the Rs.10 payable on sales/income against the Rs.10 paid on expenses, in which case i need not pay anything to govt.?
14 May 2009
Definatly you need not to pay anything to Govt as your net due is nil after stting off Credit of ST.
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