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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- One Post a Week Done Right Beats Seven Done Wrong
- Interest on SCSS
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
