hello friends,
i have a query
suppose i have st balance 1000 ec balance 200 and shec balance 100 so what should i show in opening balance in oct-mar return?
1300 as ec & shec abolished or 200 as opening balance how to adjust it ?
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balance of ec and shec as on 30/9
Replies (2)
As per Rule 3(7)(b) of CENVAT Credit Rules, 2004 [ Notification No. 22/2015-C.E. (N.T.), dated 29-10-2015], the Cenvat Credit of Cess(2%and1%) can be used for payment of Service Tax liability. The proviso is reproduced -
Provided also that the credit of Education Cess and Secondary and Higher Education Cess paid on input service in respect of which the invoice, bill, challan or Service Tax Certificate for Transportation of Goods by Rail (referred to in rule 9), as the case may be, is received by the provider of output service on or after the 1st day of June, 2015 can be utilized for payment of service tax on any output service.”.
If CESS credit has been availed after 01/06/2015, then transfer it in to Basic Service Tax and utilise this amount for your service tax liability.
And if CESS credit was availed before 01/06/2016, then show it as CESS Balnace and do not use it.
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