Hi friends
kindly tell me how to adjust "input service tax" during finalisation of the accounts.
Bijoy
2 Replies
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 26 March 2011
If its a manufacturing industry, transfer net credit on service tax (Input credit minus output credit) to cenvat credit account... else you can keep it as it is (Better to keep net tax credit)...
Maheshkumar Sharma
(CA)
(134 Points)
Replied 26 March 2011
The grouping is important. If the input Tax is certainly adjustible, then take it as asset so that it will be carried forward to the next year.( Receivable)
Otherwise take the net effect.
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