Service tax credit
This query is : Resolved
03 September 2011
Dear expart,
from the fy year 11-12 service tax are booked on accured basis and service tax credit are ataken accordingly but if the pyment is not made within three month then the service tax credit which was taken early is required to reversed.
pls give me the detail about the above.
i also want to know wheather only the service tax credit is reversed or the whole transaction.
Thanks
CA Simanchal
from the fy year 11-12 service tax are booked on accured basis and service tax credit are ataken accordingly but if the pyment is not made within three month then the service tax credit which was taken early is required to reversed.
pls give me the detail about the above.
i also want to know wheather only the service tax credit is reversed or the whole transaction.
Thanks
CA Simanchal
03 September 2011
only service tax portion need to be reversed and debited to expenses account
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