Dear Friends
I am having the following two queries.
First is we are in the business of training and education and a govt of india institute. In june 2012 we collected Rs.562 (500 + Stax) from students for a course and the stax of 62 rs was deposited in July 2012, since the course did not start we had to refund the fees collected from students but while collecting itself i had booked the amount in income ac & stax ac respectively. Now we have to refund the 62 rs from our own office expenses. Can this paid stax be claimed from Stax or adjusted in the following month by showing that the collected fees was refunded with all proofs.
From now onwards we are going to collect advance fees only and book it wholesome under current liabilities so that if any course does not start we can refund full fees and at month end the stax amount will not contain the advance fees amount.
Second query is how to avail cenvat credit. Following is the sample transaction of service tax of a month of our office.
S.Tax Received (from services provided) all services come under commercial training and coaching
On Courses / Coaching : Rs.10000
On Specific Courses of worth Rs.200000, Course XYZ Rs.0/- (Course XYZ is exempt from Stax and we got notification)
Total S.tax collected / received Rs.10000/-
S.Tax Paid in that month:
Telephone Bill Rs.1000/-
S.Tax on Manpower Bill Rs.600/-
Total Rs.1600/-
Can Cenvat credit be availed in teh above case , if yes then how , please explain .
CAclubindia
