30 December 2012
Suppose advance was recd in 2011 on which Service tax was paid @ 10.3% , & now the cancellation has been done in 2012 i.e, when rate of service Tax is 12.36%, the advance Amount has been returned / booking has been cancelled.
What will be the impact of this ? Will the cenvat credit be available of amount paid earlier ?
31 December 2012
sir but credit will be available of amt originally paid i.e., 10.3% or the prevailing rate 12.36 %. I suppose 10.3% Plz Do correct me if I am wrong
CAclubindia
