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?
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
CAclubindia
