Dear Colleagues,
Is it essential to maintain details of input tax credit in the prescribed format??
Servcie Tax payment and return, however, do not require any details of parties.
What are the possible consequences if proper record/details not mentioned?
You need to maintain a register wherein descripttion of service , name of service provider, bill no./date, value of service , amount of credit are to be shown. In the return only toal amount of credit taken is shown
CAclubindia
