Is their any limit to adjust input service tax?
This query is : Resolved
13 January 2012
Dear All
Please advise me, is their any limit for adjusting the service tax paid?
Regards
Abhi
Please advise me, is their any limit for adjusting the service tax paid?
Regards
Abhi
13 January 2012
You can adjust within return period.
13 January 2012
Dear Abhi,
The liability for payment of service tax arises w.e.f. 01-04-2011 on the completion of service, issue of invoice or receipt of money whichever is earlier. the payment has to be made on the 5th of the subsequent month / quarter (in case of non-corporate assessees). INput credit can be availed on accrual basis too, but the creditor has to be paid off within 90 days, otherwise the input credit would be reversed and the tax differential payable with interest. The input credit available in the month / quarter only can be adjusted and the balance tax is payable. there is no time limit for adjusting input credit. It can be carried forward as long as the business continues.
The liability for payment of service tax arises w.e.f. 01-04-2011 on the completion of service, issue of invoice or receipt of money whichever is earlier. the payment has to be made on the 5th of the subsequent month / quarter (in case of non-corporate assessees). INput credit can be availed on accrual basis too, but the creditor has to be paid off within 90 days, otherwise the input credit would be reversed and the tax differential payable with interest. The input credit available in the month / quarter only can be adjusted and the balance tax is payable. there is no time limit for adjusting input credit. It can be carried forward as long as the business continues.
14 January 2012
You can adjust credit to the extent available subject to your tax liability. In other words you can adjust it upto the amount of tax liability without any limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
