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(Querist)
14 May 2009 What do you mean by credit of service tax. My understading is as below:

1. Incuring expenditure.

Exp Dr 100
ST Dr 10
to Bank 110

2. When I provide for services then

Debtors Dr 110
To Sales/Income 100
To ST Payable 10

Now I have to just pay Rs.10 to the govt.

Can I offset the Rs.10 payable on sales/income against the Rs.10 paid on expenses, in which case i need not pay anything to govt.?
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
14 May 2009 Definatly you need not to pay anything to Govt as your net due is nil after stting off Credit of ST.

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