28 September 2012
is liability of service tax which is payable as per Reverse Charge (GTA) provisions covered under S.43B? service tax not passed thru profit & loss a/c....
03 October 2012
Excise/ Service Tax, Sales Tax , PF contribution by the employer etc. are covered by Sec. 43 B.
In case of Chemicals and Plastics India Ltd. V. CIT (2003) ITR 193 Madras High Court held that deduction under sec. 43 B is admissible even if not charged to P & L Account.
However, from the facts of your case it seems that you must have Debited the amount of Service Tax on GTA to the Service Tax Receivable A/c and not charged to P& L A/c. Any way 43B is applicable.
03 October 2012
Excise/ Service Tax, Sales Tax , PF contribution by the employer etc. are covered by Sec. 43 B.
In case of Chemicals and Plastics India Ltd. V. CIT (2003) ITR 193 Madras High Court held that deduction under sec. 43 B is admissible even if not charged to P & L Account.
However, from the facts of your case it seems that you must have Debited the amount of Service Tax on GTA to the Service Tax Receivable A/c and not charged to P& L A/c. Any way 43B is applicable.
05 October 2012
Mr Sanjay so in this case auditor shall disallow transport charges for non payment of service tax on reverse charge basis (though ST not debited to p& l a/c)?
CAclubindia
