In F.Y. 2011-12 a loan was sanctioned and processing fee inclusive of service tax has been collected. During this F.Y the customers has withdrawn the loan application and a part of the processing fee is to be refunded to the customer. Can the service tax on that amount (refund) be refunded to the customer? If so under what provision it can be done.
1 Replies
Ajit kumar Dubey
(Taxation Manager)
(637 Points)
Replied 23 July 2012
If you have deposited the tax amount, you need to refund the same to the customer and claim the said amount as an adjustment with your tax liability in the following month and also have to present the same in the ST3.
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