Service tax setoff
This query is : Open
20 April 2012
I am Working in an IT consultancy Co.
It is an Service Based Industry.
I Want to Know whether the Service Tax Paid on rent can be taken as Set off.
Suppose the
ST on Invoice Issued is Rs.20,000/-
Rent( Paid ) ST Rs.10,000/-
=========
Rs.10,000/- Payable
=========
Or ST Set off on rent is not Taken i.e. Rs.20,000/- is payable as service Tax.
Please need help for the same.
It is an Service Based Industry.
I Want to Know whether the Service Tax Paid on rent can be taken as Set off.
Suppose the
ST on Invoice Issued is Rs.20,000/-
Rent( Paid ) ST Rs.10,000/-
=========
Rs.10,000/- Payable
=========
Or ST Set off on rent is not Taken i.e. Rs.20,000/- is payable as service Tax.
Please need help for the same.
20 April 2012
Rent does not fall under the restricted or negative list you can avail the cenvat credit.
However it is to be ensured that the premise is actually used for commercial purpose for carrying out business transactions and is not used by an employee for residential purpose
However it is to be ensured that the premise is actually used for commercial purpose for carrying out business transactions and is not used by an employee for residential purpose
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20 April 2012
Thanks Dayal
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