Can input credit of service tax of march10 utilse for feb10 bcz both month fall in single quarter
7 Replies
Sushma Mevacha
(Executive)
(394 Points)
Replied 11 June 2010
Yes. But you should not utilise the same on MOnthly Basis, You can utilise the same agaist the full liabily for the Period of Jan'2010 to March 2010.
CA SOURAV KUMAR GANDHI
(B.com (H), CA )
(133 Points)
Replied 11 June 2010
Helo
I have faced a practical difficulty while auditing the books of a fabrication partnership unit. Service tax on freight (on transportation of material) is payable by payer of freight, where payer may be a consignor or consignee, depending upon the case. In my case freight is payable by auditee (our client), so service tax liability is also upon them.
but what will be the situation if the transportation charges (on shifting of fixed assets, machines, and all other things except material) are paid. Whether there will be service tax liability on our client or not?.
help me in this case, so that i can proceed.
CA SOURAV KUMAR GANDHI
(B.com (H), CA )
(133 Points)
Replied 11 June 2010
One more question//, one more situation i faced, for which i need ur help.
Ex: suppose our total transportation charge is Rs. 20000, out of which supplier has paid Rs. 4000 as advance to transporter, and charged such advance to us in the invoice raised by the supplier (indirectly whole Rs. 20000 is beared by us) , then on the arrival of material we have paid the balance i.e. Rs. 16000 after deducting TDS, suppose the final payment made by us is Rs. 16000-2%(TDS).
Sir my question is service tax will be payable on what amount?
satish tukaram lad
(ca(final))
(53 Points)
Replied 12 June 2010
as far as second question is concern
you should deduct tds on rs 20000/- and not on rs 16000
reason client pay rs 20000/- on account of transportation cost.
Sushma Mevacha
(Executive)
(394 Points)
Replied 12 June 2010
If your name is mentioned on the LR of the Transporter & if there is not mantioned anything abt the Service Tax, then liability is yours & you have to pay the S Tax on total fright amount
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 16 June 2010
| Originally posted by : satish tukaram lad | ||
 |
Can input credit of service tax of march10 utilse for feb10 bcz both month fall in single quarter |
 |
INPUT CREDIT OR CENVAT CREDIT CAN ONLY BE AVAILED AFTER FULL PAYMENT TO THE SERVIE PROVIDER. AS PER THE CENVAT CREDIT RULE
FOR DETAIL FOLLOW THE LINK
https://cbec.gov.in/excise/new-cenvat-rules.htm
.
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