Urgent- input adjustment
This query is : Resolved
13 January 2012
Hi All
One of my clients did not file thier return ST-3 , for 2010-11 Fy .
Its a P ltd.
For every month they had 1500 or 2000 laibility But in Mar -11 they have input credit 100000/- ,
If we take whole year they have exess input of ser tax,
Now i am filing their late return.
can i adjust the liability with exess credit or i have to pay all the laib raised .and carry forward the input
Abdul
One of my clients did not file thier return ST-3 , for 2010-11 Fy .
Its a P ltd.
For every month they had 1500 or 2000 laibility But in Mar -11 they have input credit 100000/- ,
If we take whole year they have exess input of ser tax,
Now i am filing their late return.
can i adjust the liability with exess credit or i have to pay all the laib raised .and carry forward the input
Abdul
13 January 2012
Dear Abdul,
Penalty should be paid in cash, it cannot be adjusted with input credit .
So pay the penalty and carry forward the input credit.
Regards
Penalty should be paid in cash, it cannot be adjusted with input credit .
So pay the penalty and carry forward the input credit.
Regards
13 January 2012
Dear Abdul,
Service Tax liability can only be adjusted against the input available in the relevant month.In your case till March 2011 no input was availed. Hence you have to remit the service tax due along with interest @ 18% p.a. till February 2011. The tax for March 2011 can be adjusted against the input availed and the balance can be carried forward for future adjustment.
Service Tax liability can only be adjusted against the input available in the relevant month.In your case till March 2011 no input was availed. Hence you have to remit the service tax due along with interest @ 18% p.a. till February 2011. The tax for March 2011 can be adjusted against the input availed and the balance can be carried forward for future adjustment.
16 January 2012
Should i take 13% or 18% interest ?
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