VIVEK (CHARTERED ACCOUNTANT) (34 Points)
24 June 2011Service tax paid 'ON A/C",alongwith interest .The service tax paid is in excess of the liabilty.What will be the treatment of the interest already paid?Can such interest wrongly paid be adjusted against future service tax liability?Any provision of refund of excess interest wrongly paid?Any procedure & form for such refund application?Pl.enlighten.Thanks.
Vivek Naik
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 24 June 2011
query is not clear,
service tax paid with interest means its for previous periods, then how did it paid in excess? please provide more details to discuss
VIVEK
(CHARTERED ACCOUNTANT)
(34 Points)
Replied 28 June 2011
Thanks Mr.Sharma,
Yes the servce tax paid is for previous year .Interest also has been paid on a/c alongwith service tax ,since the actual liability was not known at the time of making on a/c payment,because CENVAT credit details were not available ,due to some reasons.Kindly enlighten.Thanks
Vivek
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 28 June 2011
at the time of return filing ascertain the actuals and report the excess to R/O in writing, you would be eligible to adjust the excess in next return.
VIVEK
(CHARTERED ACCOUNTANT)
(34 Points)
Replied 28 June 2011
There is an item in ST -3,asking amount of Gross services billed during the month.Can anyone enlighten me on the purpose of asking these details ,when the liability is based on collection/cash basis?Thanks.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 28 June 2011
from 1/7/11, it will not be on receipt basis but accrual basis except certain service providers like CA, CS etc
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 29 June 2011
| Originally posted by : VIVEK | ||
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There is an item in ST -3,asking amount of Gross services billed during the month.Can anyone enlighten me on the purpose of asking these details ,when the liability is based on collection/cash basis?Thanks. |
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there are several incidents where the service provider has escaped most of service billed from service tax, saying that these services are not covered under service tax, or these buyers are not willing to pay service tax ( mobile operators and outdoor caterers are hot example)
again when service provider claims that he will pay tax on receipt basis, but does not change st3 return within 3 months, means the services are booked in 100% here the department initiate to enquire the basis of non payment for long time.
VIVEK
(CHARTERED ACCOUNTANT)
(34 Points)
Replied 29 June 2011
Yes,but this is likely to instigate people to adopt unlawful ways and means.Because this is going to be an additional burden on the cash flow of small & medium enterpreneours.
Thanks Mr.Sharma .
Vivek
CAclubindia
