Revarsal of Service tax credit
This query is : Resolved
ANSHUMAN KHANDELWAL
(Querist)
09 March 2009
Hi,
pl let me Know how we can adjust excess service tax credit in accounts.
Case : Service tax receivable Dr. 100000/-
Service tax Payable Cr. 200000/-
payment Entry is :
Ser tax pay Dr 200000
Ser tax rec 100000
Bank 100000
but later on but before ST payment due date, if we found that we have taken wrong credit in accounts than what is the rectification entry.
shoud we treat wrong service tax credit as aother income or any thing else?
pl let me Know how we can adjust excess service tax credit in accounts.
Case : Service tax receivable Dr. 100000/-
Service tax Payable Cr. 200000/-
payment Entry is :
Ser tax pay Dr 200000
Ser tax rec 100000
Bank 100000
but later on but before ST payment due date, if we found that we have taken wrong credit in accounts than what is the rectification entry.
shoud we treat wrong service tax credit as aother income or any thing else?
09 March 2009
how can you have excess cenva credit, wrong credit will have to be reversed by taking the effect to service cost under the expense head to which it belongs
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Urd purchase entry in tally prime
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
