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

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.

15 May 2014 answer by mr sandeep is ok


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