TaxTMI 
TaxTMI 
accounting of service tax refundable
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....ccounting of service tax refundable<br> Query (Issue) Started By: - ANAND GUPTA Dated:- 8-6-2014 Last Reply Date:- 20-6-2014 Income Tax<br>Got 2 Replies<br>Income Tax<br>The company is an exporter and....
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.... being an exporter Service tax, VAT etc are refundable to it. The company shows Service Tax / VAT refundable under current assets. The company has not received major portion of its refunds and huge am....
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....ount has accumulated under the head service Tax / VAT refundable. Now the company wants to change the accounting ST / VAT. It will debit the expenses including service tax to its PL A/c. On receipt o....
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....f refund the amount will be credited to income. Is it an allowable accounting policy? Can a company debit to PL A/c its refundable Service Tax / VAT to PL A/c and credit to PL A/c on receipt of refu....
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....nd. Pls. reply. Reply By CA GOPALJI AGRAWAL: The Reply: No, it would violate the principles of accrual. Reply By Ramesh Kothari: The Reply: in opinion no because its current assets of the co. hen....
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....ce u can not charge it to P&L account if do so it will be disallowed by IT Refund from the dept is different issue. You must hv to show in current assets column Ramesh Kothari<br> Discussion Forum -....
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