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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Rental income of jointly held property
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
