Dear CA Club Members,
I request you to answer my query regarding Service Tax.
We have inadvertanly adjusted the Cenvat Credit available with Service tax payable under Import of Service. Later the same was rectified by paying the Service Tax on Import of Service with Interest. We also reversed the Input Adjustment earlier made against Service Imports payable in the current Month and utilised the reversed Input Credit against the current Service Tax payable. With respect to Cenvat credit available gainst the Import of Service for service tax paid, the same wouild be taken as Input when the Service amount is paid to Vendor. Is the above treatment correct. Since the above transaction are pertaining to June 08, the original return filed cannot be revised.
1) Now my question is wheather we have to inform the Superintendent about the mistake and requst his permission for availing the reversed Input( Originally adjusted against service tax payable for import of Service )
2) Since the reviced return cannot be filed ( time barred )can the same can be reflected in the II Half returns based on the payment and adjustment.
3) Is there any procedure to followed for the above ajustment, then under what rule/section