Gta_service tax
This query is : Resolved
25 October 2012
There is a partnership firm carrying on trading business.
Goods purchased by them come through Goods Transaport. In terms of Notification No. 30/2012-Service Tax issued on 20-06-2012. I understand that they have to deposit service tax on goods received by them and freight paid thereon on the basis of above circular.The monthly freight bill is around a lakh of rupees.
I require following clarifications:
1. At what point of time I’m liable to get myself registered as service provider?
2. Whether I’m entitled to the basic exemption of Rs.10 lakhs per annum?
3. Whether I’m entitled to set-off service tax paid by me on services received during the year?
Goods purchased by them come through Goods Transaport. In terms of Notification No. 30/2012-Service Tax issued on 20-06-2012. I understand that they have to deposit service tax on goods received by them and freight paid thereon on the basis of above circular.The monthly freight bill is around a lakh of rupees.
I require following clarifications:
1. At what point of time I’m liable to get myself registered as service provider?
2. Whether I’m entitled to the basic exemption of Rs.10 lakhs per annum?
3. Whether I’m entitled to set-off service tax paid by me on services received during the year?
26 October 2012
Registration would be required immediately since as a service receiver paying service tax under RCM you are not entitled to the basic exemption limit of Rs. 10 lacs. Further apparently from your query the freight payment made, is in respect of goods purchased for the trading business. Hence the inward freight shall not qualify as input credit for set-off.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Applicability of Ind As to associate of associate
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
