Am working for event management co, There are two vendors X & Y their outstanding 30 & 27 thousand respectively
by mistake i have taken Y bill in to x a/c( Ie,y bill entered in the name of X) and i adjusted the input credit ST for the respected month,as per my knowledge until we pay full amount we cant take input credit st.
UTILISATION & AVAILMENT OF WRONG CREDIT ATTRACT PENATY, REVESER THE ENTRY AND PAY THE INTEREST FROM THE DATE OF MAKING ENTRY TO REVERSAL ENTRY DATE. AND PAY THE SERVICE TAX,
CAclubindia
