Revised schedule treatment
This query is : Resolved
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 ????
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 ????
30 June 2014
both the treatments are correct.
30 June 2014
Thanks a lot madam..
01 July 2014
net balance must be shown in liability
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???
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???
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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