vikasjain (student) (26 Points)
05 June 2014Hhi.........,
For the year 13-14 we have claimed service tax input ratio on the basis of 12-13 actual business, now there is a change in input ratio calculated on the basis of actuals for 13-14. Do we need to pay back the excess credit availed to the department and if so what the procedure.
Kindly help me on this..................
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 05 June 2014
What business are you referring to. Service Tax ( Cenvat ) Input Credit is based on actual payment of service tax only. Your claim of input based on historic data cannot be obviously right, Your query needs a little more clarity!!
TARUN MITTAL
(SENIOR FINANCE )
(21 Points)
Replied 11 June 2014
Dear Sir,
We are engaged in digital advertising services. This service is covered under negative list. However, we are providing two types of services i.e. taxable & non taxable.
For providing output services,two types of input services are used on which service tax is applicable. First, which is directly related to ouput service. Second, indirect services like audit, consultancy, bank charges, and other services on which service provider levys service tax. We are using services under reverse charge as well.
For the cenvat credit availability, we utilize cenvat credit in the ratio of taxable & non taxable on monthly basis.Now before 30th June, calculation is required from provisional basis to actual basis. Please suggest what is the accounting & filing treatment of the same.
CAclubindia
