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A company was taking continuous services from another company since 2016. and the company was booking the expenses as invoices were raised by the supplier. when the final settlement done in December 2017(GST Era) then company has reversed the expense by Rs.6 Lakh as the final settlement done in Rs.12 lakh only where company has earlier booked the expenses by 18 lakh and also taken service tax credit on the same. but now in December while reversing company has not reversed the ITC credit taken earlier. now wat will happen? is company required to reverse it?
Replies (3)
THe company is eligible to take the credit of tax suffered by them irrespective of reversal.
we are the service recipients... what should we do? is it mandatory to reverse the credit taken earlier? if yes how will u treat it ...as it was Service tax era services.... settlement is done now
As service recipient, what ever ST you have suffered, you are eligible to take/retain the credit.
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