Input Tax credit
This query is : Resolved
21 April 2011
We are an insurance company and collect service tax on insurance premium from policyholders. We pay commission to insurance agents for selling policies. We also pay service tax on the insurance commission. My query is: whether we can take credit for the service tax paid on insurance commission against service tax charged on insurance premium from the policyholders? One thing i make clear that the agent is not registered with Service tax department & service tax is directly deposited by us in the department
21 April 2011
yes, u can take the benefit of input credit on payment basis
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