Is their any limit to adjust input service tax?

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Abhi

Abhi (Querist)
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13 January 2012 Dear All

Please advise me, is their any limit for adjusting the service tax paid?

Regards
Abhi

Ram Avtar Singh

Ram Avtar Singh (Expert)
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13 January 2012 You can adjust within return period.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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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.

Abhi

Abhi (Querist)
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13 January 2012 Thanks

but is their any limit ? pls let me know.

Abhi

Abhi (Querist)
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13 January 2012 i am asking about amount limit.

PUNEET GOYAL

PUNEET GOYAL (Expert)
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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.

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