SUDHIR & PRADEEP JI (CA FINAL+LLB + DISA) (2299 Points)
30 July 2010QUERY 1) CAN U TELL ME THAT INPUT CREDIT OF EXCISE DUTY AND VAT WILL ADJUST FROM THE SERVICE TAX PAYABLE AMOUNT OR NOT.
QUERY 2) IF ANY CLIENT NOT PAID THE VAT AMOUNT AND ONLY PAY THE TAXABLE VALUE OF BILL. SO IN THIS CASE CREDITOR IS LIABLE OR PAYING THIS VAT AMOUNT OR NOT.
CA Shilpi Jain
(Indirect taxation)
(155 Points)
Replied 31 July 2010
Input credit of excise alone can be adjusted against ST liability subject to the CENVAT credit rules. The adjustment of VAT against ST would be possible once GST comes in.
6 days Certification Course on GST Practical Return Filing Process
CAclubindia
