mohit kumar (article) (33 Points)
17 April 2017Hi,
We are a company and have made the excess payment of Sevice tax in Nov 2016 for Rs 30000. So in next month (Dec 2016) i have made the payment by deducting 30000 from total paybale. Now i want to show this in return. Kindly advise where and How to show these two adjustments.
Thanks
Mahesh Babu
(CA Final)
(618 Points)
Replied 10 May 2017
For this there are 2 methods.
1) by adjusting the through Cenvat credit a/c.
In this method, for the month of Nov 2016, in ST paid sheet, show the full amount of ST paid in the month of Nov 2016 and in Cenvat credit sheet carried forward the Cenvat credit for the motnh of Nov 2016 after adjusting the cash payment made. the c/f balance can be adjusted in the month of Dec 2016 through Cenvat credit available as opening balance.
2) by showing the excess paid ST in the Advance paid ST sheet, with challan no. & other required details in Nov 2016. In this you can only show the ST excess paid in seperate challan only, but not in the original amount paid for liability of ST.
After such advance payment made in the march month, such paid challan details can be utilized in thd Dec 2016.
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