Is their any limit to adjust input service tax?
This query is : Resolved
13 January 2012
Dear All
Please advise me, is their any limit for adjusting the service tax paid?
Regards
Abhi
Please advise me, is their any limit for adjusting the service tax paid?
Regards
Abhi
13 January 2012
You can adjust within return period.
13 January 2012
Dear Abhi,
The liability for payment of service tax arises w.e.f. 01-04-2011 on the completion of service, issue of invoice or receipt of money whichever is earlier. the payment has to be made on the 5th of the subsequent month / quarter (in case of non-corporate assessees). INput credit can be availed on accrual basis too, but the creditor has to be paid off within 90 days, otherwise the input credit would be reversed and the tax differential payable with interest. The input credit available in the month / quarter only can be adjusted and the balance tax is payable. there is no time limit for adjusting input credit. It can be carried forward as long as the business continues.
The liability for payment of service tax arises w.e.f. 01-04-2011 on the completion of service, issue of invoice or receipt of money whichever is earlier. the payment has to be made on the 5th of the subsequent month / quarter (in case of non-corporate assessees). INput credit can be availed on accrual basis too, but the creditor has to be paid off within 90 days, otherwise the input credit would be reversed and the tax differential payable with interest. The input credit available in the month / quarter only can be adjusted and the balance tax is payable. there is no time limit for adjusting input credit. It can be carried forward as long as the business continues.
14 January 2012
You can adjust credit to the extent available subject to your tax liability. In other words you can adjust it upto the amount of tax liability without any limit.
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