Service tax input credit related
This query is : Resolved
23 January 2015
we received consultancy service from an engineer in june2014. he issued invoice of Rs.112360 including service tax on dated 01.07.2014.
we made entry of this transaction on 15.11.2014 with availing service tax input of rs 12360. & payment of this transaction made on 17.11.2014 with service tax. what we should required to reverse such credit? if we reversed this credit when we take recredit? what we are eligible to take recredit? plese reply.
we made entry of this transaction on 15.11.2014 with availing service tax input of rs 12360. & payment of this transaction made on 17.11.2014 with service tax. what we should required to reverse such credit? if we reversed this credit when we take recredit? what we are eligible to take recredit? plese reply.
23 January 2015
As per Rule 4(7) of CENVAT Credit Rules, 2004, if service provider avail CENVAT credit of input services and not made the payment of such input service within three months then the service provider shall reverse the availed CENVAT Credit.
In the given situation CENVAT credit should be reverse by passing a Journal Entry in CENVAT credit register or can be reverse by paying in cash. And the CENVAT credit on the same can be avail on or after the date of payment.
In the given situation CENVAT credit should be reverse by passing a Journal Entry in CENVAT credit register or can be reverse by paying in cash. And the CENVAT credit on the same can be avail on or after the date of payment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Free lancer income
- Salary and pension received from Asian Development Bank
- What is provisional receipt number for generation of form 16A
- BIS Certificates
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
