Friends, Can we adjust the Service Tax Credit of 2012-2013 in 2013-2014.
Service Tax REceived 10000
Service Tax Paid 7000
Can this 7000 be adjusted in the current year...
6 Replies
Pradeep Jain
(service)
(143 Points)
Replied 20 May 2013
Yes, Service tax input can be carried forward in next financial year to set off with output service tax.
Cheers/
CA and CMA Ravinder Singh
(CA and CMA)
(853 Points)
Replied 20 May 2013
yes, it can be carried forward.
CA Anushree jain
(CA)
(1531 Points)
Replied 21 May 2013
yes you can carry forward input service tax provided payment of bills is made within 3 months
Mrs.Girija Kumar
(Bank )
(98 Points)
Replied 21 May 2013
@ Anushree..
Can u please elucidate the "3"months...
Thanks
Nirav Worah
(CHARTERED ACCOUNTANT)
(396 Points)
Replied 21 May 2013
The provision of 3 months are applicable only if you are taking credit on billing basis and not on payment basis. If you are taking credit on the billing and payment has not been made to party within 3 months from the date of invoice then on the expiry of 3 months you will have to reverse the credit utilied earlier. However, on subsequent payment to the party credit can be availed.
Regards
Nirav Worah
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