ICICI

Past year expense


bhalchandra (Manager Accounts)     30 December 2016

bhalchandra
Manager Accounts 
 21 points

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if vendor raised invoice with service tax in past year but we not booked. in this case can we booked that invoice in current year? what is solution?

Ashoka G (Student CA IPC / IPCC)     30 December 2016

Ashoka G
Student CA IPC / IPCC 
 2 likes  115 points

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I have given this answer based on the assumption that you were asking for Cenvat Credit of Service Tax charged in the invoice.

You have to check whether the date of accounting is not exceeding one year from the date of invoice. If it exceeds one year, you may not be able to avail Cenvat Credit and treat Service Tax as expenditure.


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