ST on WCT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 We are in Property Developement-WCT and registered under composite scheme in Service Tax.Recently we got an advance of Rs.10,00,000/- from a customer towards advance for a flat. How much amount we have to pay as service Tax.We have cenvat credit with ST dept., Whehter this liability canset off against that

SAIBAL

SAIBAL (Expert)
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18 July 2011 Q.1.Your payment will be under composite WCT is @4.12% i.e.Rs.41,200/=(Including E.Cess & S&Hecess)[Though some further clarification needed.]

Q.2. You can set off the payment from your cenvat.If you have got sufficient balance in it.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 July 2011 1. ST Payable @4.12% on Rs.10 lacs.
2. CENVAT Credit can't be availed as per rule 3(2) of works Contract (Composition Scheme for Payment of service tax)Rules,2007.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 Whehter we can claim credit of input services -Sub contractor payment & Professional and consultnacy fee- and capital goods?

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 Please advice

SAIBAL

SAIBAL (Expert)
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19 July 2011 Credit on capital goods is allowed, so also Service Tax paid on input services can also be taken.Please follow Nfn.32/2007-S.T.dated 22.05.2007.