Tax Adjustment
This query is : Resolved
JNANESHWARA KASHYAP
(Querist)
24 October 2009
I had taken short cenvat credit due to wrong calculation, due to which I had paid service tax by cash along with interest.
Now, as I have reworked my cenvat credit, I want to know, if I can treat that service tax payment and interest as advance payment and adjust for future liability.
Now, as I have reworked my cenvat credit, I want to know, if I can treat that service tax payment and interest as advance payment and adjust for future liability.
CA Balram Sharma
(Expert)
24 October 2009
It can't be treated as advance payment of service tax,
if u want to pay the advance service tax than u have to inform the department with in 15 days.
How ever u can adjust the tax up 100,000 for next period but
1.THAT WILL NOT DUE TO INTERPRETATION law,
2. if maintain cenralised billing or accounting system, without any limit,
how ever ur case is not that,
Adjustment is not possible ,
if u want to pay the advance service tax than u have to inform the department with in 15 days.
How ever u can adjust the tax up 100,000 for next period but
1.THAT WILL NOT DUE TO INTERPRETATION law,
2. if maintain cenralised billing or accounting system, without any limit,
how ever ur case is not that,
Adjustment is not possible ,
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