what will be the treatment of service tax receivable on any expenditure like ( telephone bill) for which provision is made on 31 march 2011 and which will be payable in the month of april 2011 please suggest with the help of enrty
7 Replies
CA Rinky agrawalla
(Oracle Functional Consultant)
(54 Points)
Replied 19 August 2011
Sir
Can any one tell me good points for the audit of cenvat credit and service tax.
My email Id is agrawal.rinky5 @ gmail.com
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 22 August 2011
Cenvat credit receivable Dr.
Telephone Exp. Dr.
To Payable Account.
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 23 August 2011
dear sir in reply to the entry suggested by you for cenvat credit receivable , my question is that credit of input service can be taken only on payment of input service along with payment of duty and when telephone exp are payable in month of march how can cenvat can be taken
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 23 August 2011
This is the entry in financial accounts. Credit can be availed only on payment of bill. Then the entry is
Cenvat credit Dr.
To Cenvat credit receivable acount
Shivam B. Soni
(Consultant)
(22 Points)
Replied 24 August 2011
Hi,
I have a question regarding ServiceTax Input Credit on Rent paid for Employee Accomodation.
Our client is a Fully owned subsidiary of a Foreign Construction Company. There are some foreign national employees residing in rented property in India. Company has a contract directly with the Owner of the Rented Property. Owner raises invoice including Service Tax to the company for this rented property.
Now in this case, Whether company can claim Service Tax Credit on such Rent Paid?
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 24 August 2011
It may not qualify for cenvat credit in the wake of new defintion of input services. Services used for consumption of employees are outside the scope of definition.
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