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presentaion of S.tax liab. in Balancesheet

This query is : Resolved 
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(Querist)
16 September 2009 Service Tax Query:

Financial Year 2008-09

Gross Amount to be received from Client: Rs.200
Amount received at the time of Collection on March 25th, 2009: Rs.100
Input Credit Availed:Rs.200
Input Credit Utilised: Rs.30
Amount paid to Government on June 30th , 2009: Rs.70(i.e. in next year)

Query:
What amount of liability should be shown in Balancesheet at the year end March 31st, 2009.

Option : Rs.100 , Rs.70 , Rs.170 ,Rs.200

kindly suggest your valuable reply with reasons as soon as possible for the above query.



regards,

Brijesh V. Gandhi
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
16 September 2009 From the facts, it appears that, the amount received towards service tax is Rs. 100/- as against Rs. 200/- billed. Further the balance Rs. 100/- is not recoverable.

One of the possible solution is :

1) Write off the amount not collected on 31.03.09
2) Adjust Rs. 30/- against Cenvat
3) Show the balance liability of Rs. 70/- in B/S
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