adjustment of service tax

This query is : Resolved

Report Abuse Follow Query Ask a Query

CA Aman Agarwal

CA Aman Agarwal (Querist)
Follow

01 July 2010 whether service tax credit of P.Y. is to be setoff among the current year service tax payable?

Shyam Lal Naik

Shyam Lal Naik (Expert)
Follow

01 July 2010 Yes.

Balance of cenvat credit carried forward from previous year can be adjusted against tax payable for the current year.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

01 July 2010 agreed, Balance of Service Tax Credit a/c can be utilized for current year and for next year. there is no time limit for utilization of it.

Upgrade to CAclubindia Pro. Subscribe Now!

CA Aman Agarwal

CA Aman Agarwal (Querist)
Follow

01 July 2010 Please confirm me that if I have paid a bill including Service Tax in April, 10 and has deposited my 1st Quarter Service Tax without adjusting that amount. Still can I take credit in Quarter 2.