Service tax input credit related
This query is : Resolved
23 January 2015
we received consultancy service from an engineer in june2014. he issued invoice of Rs.112360 including service tax on dated 01.07.2014.
we made entry of this transaction on 15.11.2014 with availing service tax input of rs 12360. & payment of this transaction made on 17.11.2014 with service tax. what we should required to reverse such credit? if we reversed this credit when we take recredit? what we are eligible to take recredit? plese reply.
we made entry of this transaction on 15.11.2014 with availing service tax input of rs 12360. & payment of this transaction made on 17.11.2014 with service tax. what we should required to reverse such credit? if we reversed this credit when we take recredit? what we are eligible to take recredit? plese reply.
23 January 2015
As per Rule 4(7) of CENVAT Credit Rules, 2004, if service provider avail CENVAT credit of input services and not made the payment of such input service within three months then the service provider shall reverse the availed CENVAT Credit.
In the given situation CENVAT credit should be reverse by passing a Journal Entry in CENVAT credit register or can be reverse by paying in cash. And the CENVAT credit on the same can be avail on or after the date of payment.
In the given situation CENVAT credit should be reverse by passing a Journal Entry in CENVAT credit register or can be reverse by paying in cash. And the CENVAT credit on the same can be avail on or after the date of payment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
