Service tax credit utilisation , to be reverse now
This query is : Resolved
03 September 2013
Dear Sir,
Earlier we have utilised ST input credit towards ST payable and showned in ER as utilised. But after we paid the same amount through cash now. now please tell me how to reverse the earlier amount we showned in ER1 as utilised to reverse. it should be reverse now. How to show in present return. Shall we take it as fresh ST Input by mentioneing ER1 return refereance.
Regards,
HN Manjunatha
Earlier we have utilised ST input credit towards ST payable and showned in ER as utilised. But after we paid the same amount through cash now. now please tell me how to reverse the earlier amount we showned in ER1 as utilised to reverse. it should be reverse now. How to show in present return. Shall we take it as fresh ST Input by mentioneing ER1 return refereance.
Regards,
HN Manjunatha
Arun Kumar Singh
(Expert)
03 September 2013
If you have paid the duty from PLA account then you can reverse the duty paid from cenvat credit amount.
CA Suresh Jain
(Expert)
04 September 2013
What is the reason of your paying the ST from cash.
If you have paid ST in cash wrongly, you show it as advance payment.
If you have paid ST in cash wrongly, you show it as advance payment.
04 September 2013
we didnt oaid wrongly, as per reverse mechanisam we suppose pay cash but earlier we showned in ER as ST payable utilised in cash and cash not paid that time.
Now we paid cash because ST credit should not utilise to pay ST payable ny service receiver. So, earlier we showned in ER1 ST credit utilise it should be reverse because we paid thorough cash. So, the closeing balance of credit amount should increase that much what we showned earlier as credit utilised.
how to do it now.
Regards,
HN Manjunatha
Now we paid cash because ST credit should not utilise to pay ST payable ny service receiver. So, earlier we showned in ER1 ST credit utilise it should be reverse because we paid thorough cash. So, the closeing balance of credit amount should increase that much what we showned earlier as credit utilised.
how to do it now.
Regards,
HN Manjunatha
CA Suresh Jain
(Expert)
04 September 2013
It should now be reversal of debit entry for payment of ST
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