Dear All,
I have one query regarding ST Refund,
Suppose we have excess untilised ST Credit receivable in Balance Sheet and we have made provision of ST Credit by debiting to Profit & Loss A/c "Service Tax Paid", then in this situation can we will be eligible to claim service tax refund with department. As we are taking double advantage in Income Tax for less tax payment as we have charged some portion of ST Credit as expenses and also maintaining the ST Credit receivable account in assets side and claiming ST refund for unutilised credit.
Thanks