Service tax refundable
This query is : Resolved
Amit Agarwal
(Querist)
31 August 2012
Dear Experts,
As on 31.03.2011 the balance sheet of a private limited company was showing Service Tax Refundable around Rs. 150,000 (Accrual Basis). While Service tax Return till 31.3.2011 was filed on Cash basis. So what should the the treatment of this ST Refundable in Balance Sheet- a) Can we adjust it against the ST Payable during the FY 2011-12 (Point of Taxation Rule applies and Return is filed on Accrual Basis) or it will be written off in PL? Please suggest?
As on 31.03.2011 the balance sheet of a private limited company was showing Service Tax Refundable around Rs. 150,000 (Accrual Basis). While Service tax Return till 31.3.2011 was filed on Cash basis. So what should the the treatment of this ST Refundable in Balance Sheet- a) Can we adjust it against the ST Payable during the FY 2011-12 (Point of Taxation Rule applies and Return is filed on Accrual Basis) or it will be written off in PL? Please suggest?
U S Sharma
(Expert)
31 August 2012
make reconcillation statement of such refundable and payable, and adjust the same in 1st quarter of april-june 2011
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