During the financial year 2011-12 I have ommitted to take service tax credit and i made the full payment to the service provider. Now I want to take the credit during this year. is there any cut off date to take service tax credit. Also explain the accounting treatment for the same, if service tax credit is taken.
No there is no cut off date for taking service tax credit.
No accounting treatment is required since entry would have been passed last year itself.
The same will appear in reconciliation for FY 2011-12 which will get rectified when you take credit
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