Credit for old service tax amount

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I wan to know whether i am eligible to take service tax credit for previous years relating to 2008-09,2009-10,2010-11 & 2011-12 now if i have not taken the same. The same amounts are also standing in my accounts as service tax credit. I have paid for all the service tax bills in the respective year only.

Replies (1)

The Service tax paid on any expenditure is debited to a separate account under th ehead Current Assets in the B/S.  This account is debited as & when ST on expenditure is being paid.  The balance remaining at the year end is c/f tot eh subsequent year & accordingly credit for SERvice Tax is taken in the subsequent eyars.  So the balance to this account is accumulated balance for the ST paid during the previous eyars.  So it doesn't matter if teh ST is relating to the years mentioned by you. You cna take teh credit of the same. 


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