Difference
This query is : Resolved
15 May 2014
whats the difference between "service tax (asset)"and "service tax recievable "a/c .... plz explain with example ... if possible than example in relation to service tax reverse
charge payable
Sandeep Dharar
(Expert)
15 May 2014
Shraddha Service Tax Asset means that the tax which is paid by us during payment of the Service Fees.
For Example let us assume case of GTA. They provide u service & draw an invoice of say Rs. 1L ST-12,360. So 12,360 is ur ST Assets since u have paid it & u can claim Cenvat(as applicable).
And for liability take the same example. The amount of Rs. 12,360 is the liability of the GTA to pay it to the Department since they have collected it and the amount is of Govt n not of the GTA. So it is ST liability.This may b also regarded as ST receivable as the service provided by GTA is liable to ST.
Hope u understood.
For Example let us assume case of GTA. They provide u service & draw an invoice of say Rs. 1L ST-12,360. So 12,360 is ur ST Assets since u have paid it & u can claim Cenvat(as applicable).
And for liability take the same example. The amount of Rs. 12,360 is the liability of the GTA to pay it to the Department since they have collected it and the amount is of Govt n not of the GTA. So it is ST liability.This may b also regarded as ST receivable as the service provided by GTA is liable to ST.
Hope u understood.
Rupesh Jain
(Expert)
15 May 2014
answer by mr sandeep is ok
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