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Input service tax
Hello everyone..We receive services from different entity on regular basis..but do not provide any kind of services..my query is :
a.Whether i can treat input tax credit as an expences in p/l a/c ?
b.If yes,then under which head ?
plz note that we do not have any liability to sett off.Thanks in advance.
Replies (2)
No Cenvat credit if no excise duty or service tax payable on output....
It is not input tax credit for you....it is an expenses for you....
Increase the expenses value by service tax amount..
For example
Service Provider raised labor supply bill
Labor Supply value 10000
Add : Service tax @ 14.50% = 1450
Total Bill amount = 11450
Book labor expenses 11450 in your book of account....
Thank you very much sir..it is clear now !!
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