B.com ACA
5923 Points
Joined December 2011
Assume, A. Service tax payable for service provided 2008-2012 =Rs. 10 lacs B. Cenvat credit of ST & excise available against above = Rs. 5 lacs C. So Net ST payable = Rs. 5 lacs D. Now, in 2013 , you have paid excise duty or/and service tax of say Rs. 20 lacs on some inputs and inputs services.purchased ..and their credit is available for paying ST and excise.... Here since the excise and St credit of Rs. 20 lacs relates to 2013...thatt's why you cannot say to govt that adjust my O/standing liab of St Rs. 5 lacs(as in point C)....meaning thereby you need to settle the NET O/S ST OF RS. 5 LACS under VCES,2013 IN CASH AND ONLY IN CASH .........