Repayment of service tax collected
This query is : Resolved
14 March 2009
Dear all,
WE have been collecting service tax from our clients from the beginning of the year. But we did not make any deposit with the govt. Now we have realised that our domestic turnover is less than 10 lacs. Can we now refund whatever we collected to our clients. Please help me with this. And in the previous year our gross receipts were less than the stipulated 8 lacs.
WE have been collecting service tax from our clients from the beginning of the year. But we did not make any deposit with the govt. Now we have realised that our domestic turnover is less than 10 lacs. Can we now refund whatever we collected to our clients. Please help me with this. And in the previous year our gross receipts were less than the stipulated 8 lacs.
14 March 2009
In my view once you have charged and collected service tax from your clients you have remit the same to the government. Moreover there is no time limit for recovery of same from you under 11 D which is made applicable to service tax. As for as I know there is no procedure to refund the service tax collected by you from your clients. You have to remit the collected service tax along with interest.
Manmohan ACA, CS
(Expert)
15 March 2009
U need to pay the service tax since you have collected it
15 March 2009
Continuing Mr.Balu, Section 73A(2) of the Finance Act,1994 says any service tax collected must be paid to the Government.
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