CA. Rachna Parashar (partner) (196 Points)
06 February 2012Excess service tax was deposited in the previous year, now i want to adjust it in current half yearly return.
What are the limitations in adjusting the excess amount paid.
Keval Ponkiya
(CA CS MBA(Fin.) M.Com. L.L.B.)
(223 Points)
Replied 06 February 2012
CA. Rachna Parashar
(partner)
(196 Points)
Replied 07 February 2012
if the assessee is having centralised registration then will excess amount be adjusted in next financial year
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 08 February 2012
Excess payment can be adjusted against next payment only subject to maxm of Rs.2L
Dilip Darji
(392 Points)
Replied 08 February 2012
Dear Sir.
As per sub-rule 4A of Rule 6 of Service Tax Rules, where an assessee has paid excess servixe tax towards a particular month or a quarter, such excess payment can be adjusted by him against his liability for the succeeding month or quarter subject a celing limit of Rs.2/- Lakhs(wef 01/04/2011).
Rakshit
(practising)
(338 Points)
Replied 13 February 2012
In case of assessee having centralised registration, there is no monetary limit to adjust the excess service tax paid but the same has to be adjusted against the service tax liability of next month or quarter as the case may be.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
