Whether Input Credit can be accumulated and adjusted at the time of payment of Service Tax?
Ans:- Service tax credit availed on input service may be utilized for payment of Service Tax on output service. Since no refund of any excess credit available is admissible, the assessee has to utilize the same on payment of Service tax. While paying Service Tax on the output service, the service tax credit shall be utilized only to the extent such credit is available on the last date of the month for payment of Service Tax relating to the month or in case where the assessee is an individual or proprietary or partnership firm to the extent the credit is available on the last day of the quarter for payment of Service Tax relating to the quarter.
Related Questions
- Can I use both methods of payment (ACH Credit and ACH Debit) at the same time for remitting our tax payments electronically to the State of New Jersey?
- Whether Input Credit can be accumulated and adjusted at the time of payment of Service Tax?
- What is the time limit for payment of Service tax to the Govt.?
