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inventory valuation u/s 145A
Pls advise while calculating inventory valuation as per sec 145A shall we include the service tax credit claimed on inward freight also..bcz anyhow inward freight is also inventorised with material.
Replies (2)
service tax if ur taking credit for setoff agst any other service tax payments then u cant add to the cost of inventories. its just like the modvat credit or vat credit.
CA. Amit Jain
Whether Sec 43B is applicable for service tax? Sec 43B says about deduction of expense on payment basis. But service tax is booked as liability itself while booking the expense and we close the accont after payment of this liability.
pls state how could we claim service tax?
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