We raised bills and paid service tax by accrual basis but payment not received from customers since long time i have query is any time limit for to reverse revenue and also service tax.
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Shyam
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Service tax reverse on bad debts,write off
Replies (1)
Service tax cannot be reversed. There is a statutory obligation upon the service receiver to pay the amount of tax within 3months, provided that he has availed the credit on the same, else he has to reverse the credit taken, if any and thus will be liable for interest liability and penalty for not making payment in time.
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