Accumulated service tax credit
This query is : Resolved
07 January 2014
Can a manufacturing company take Accumulated service tax Credit of Last 2 years to set off it's Service tax liability ? Will it make any difference if it has not shown the same credit lying to its asset side in balance sheet in the Service tax returns?
16 January 2014
YES IT CAN BE CLAIMED NOW
NO PROBLEM BUT IN THE CURRENT YEAR BEFORE PASSING ADJUSTMENT ENTRY FOR UTILISATION OF CREDIT, PASS ENTRIES OF OF EARLIER YEARS ALSO BY DEBITING THE CENVAT AND CREDIT THE RESPECTIVE EXPENSES
NO PROBLEM BUT IN THE CURRENT YEAR BEFORE PASSING ADJUSTMENT ENTRY FOR UTILISATION OF CREDIT, PASS ENTRIES OF OF EARLIER YEARS ALSO BY DEBITING THE CENVAT AND CREDIT THE RESPECTIVE EXPENSES
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