Reversal of service charge
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2016
Dear Experts,
In respect of labour contract i have issued the invoice Rs. 200000 service charge plus 29000 ST total 229000 but the service receiver has accepted the bill i.e 190000 service charge plus 27550 ST total 217550 however the service receiver has issued the credit note i.e. 10000 service charge plus 1450 ST total 11450, my query is can i pass the reversal entry on behalf of credit note..i.e..
Service charge Dr... 10000
ST payable DR ..........1450
To party...... 11450
However some CA has pointed out that if once service has been provided that service can't be reverse No matter you have received the payment or not..
Therefore all experts are requested to resolve my query..
Regard
Ramesh Singh
In respect of labour contract i have issued the invoice Rs. 200000 service charge plus 29000 ST total 229000 but the service receiver has accepted the bill i.e 190000 service charge plus 27550 ST total 217550 however the service receiver has issued the credit note i.e. 10000 service charge plus 1450 ST total 11450, my query is can i pass the reversal entry on behalf of credit note..i.e..
Service charge Dr... 10000
ST payable DR ..........1450
To party...... 11450
However some CA has pointed out that if once service has been provided that service can't be reverse No matter you have received the payment or not..
Therefore all experts are requested to resolve my query..
Regard
Ramesh Singh
26 March 2016
Your reversal entry is OK. Reversal based on debit note/credit note is acceptable by the service tax dept.
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