13 April 2012
There are Rs. 85000/- of Service tax Payable and input service tax of Rs. 8000/- in F.Y 2010-2011.
Service tax payable Rs. 85000/- shown in the balance sheet but neither input service tax credit of Rs. 8000/- set off against service tax payable nor shown in balance sheet.
Now service tax payment made of Rs. 77000/- after set off input service tax of Rs. 8000/- in 2011-2012. Hence Balance Shown in Service tax Payable A/c is Rs. 8000/- in F.Y 2011-2012.
How to treat input service tax of Rs. 8000/- in F.Y. 2011-2012
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