Input credit of service of service tax

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Mukesh Suthar (Querist)
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12 April 2012 for F.Y. 2010-2011 service tax shown in the balance sheet is Rs. 85000/- on which input credit of Rs. 8000/- had not set off and shown in p&l a/c.
In F.Y. 2011-2012 when the payment of Service tax Rs. 77000/- is made after set off of input credit of Rs. 8000/- from Rs 85000/-.
Now How to treat input service tax of Rs. 8000/- in F.Y. 2011-2012

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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12 April 2012 I am not getting your query fully. If your have already set off the input service tax credit by paying service tax of Rs. 77000, then what is the query.

I understand that for accounting purpose, input credit must have been shown as Current Assets in Balance Sheet. Then now while paying servic tax following entry will be passed:

Service Tax Payable A/C Dr. 85000
Input Service tax receivable A/C Cr. 8000
Bank A/C Cr. 77000

CA Kishore Tallam

CA Kishore Tallam (Expert)
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12 April 2012 Yes. I think the author is trying to ask for accounting entry only. Explained by expert.

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