Suppose we have taken credit of service tax paid on a bill in the month of april 2009 and later in may the bill got cancelled. So how to reverse the credit already taken in april. we are a stock broking firm.
Menu
service tax credit
Replies (4)
You are entitle to take credit of service only after u make the payment of such bill. Making payment of bill confirms that u have availed the services and settled the bill only upon satisfaction on such services. Inspite of this fact, if the bill is cancelled and the service provider refunded u the whole amount or any amount after some deductions, you need to reverse the service tax credit and pay interest @ 1.08% per month.
You require to reverse the credit availed. If fully utislised interest at tge rate of 13% is also applicable.
There should be a courtecy to say thanks when somebody answers.
Dear Satish,
When you start expecting something for what you do verytime then it is bound to end in frustration. It is better for the answerers to delcare that answering hones their thinking and helps them as much as the person whose question is bweing answered.
Recent Topics :
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
- Applicability of FCRA to Article Processing Fees (
- GST Return
- Practical queries on buy back of shares
Related Topics :
CAclubindia
