Revised schedule treatment

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Suraj Saroj (Querist)
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30 June 2014 Dear All,

Due to Excess payment of Service tax in month of February 2014, Service tax payable is showing Debit balance as well as credit balance for the liability of March month as on 31.03.2014.

Here Net of Service tax liability of Service tax payable should be shown in statutory liabilities ????
Or Debit balance should be shown in Balances with Government ????

CA Parul Saxena

CA Parul Saxena (Expert)
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30 June 2014 both the treatments are correct.

Suraj Saroj

Suraj Saroj (Querist)
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30 June 2014 Thanks a lot madam..

Vishnu Saboo

Vishnu Saboo (Expert)
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01 July 2014 net balance must be shown in liability

Suraj Saroj

Suraj Saroj (Querist)
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01 July 2014 @ Mr. Arun,

If service tax is deposited under provisional basis for GTA because of which ST Payable is showing Debit balance, Then would you change ur answer???

Vishnu Saboo

Vishnu Saboo (Expert)
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04 July 2014 if ur net balance is credit, you have to show it in liability side, but if the same is debit at the end of year, you have to show it in loan and advances with govt authorities.

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