Dear all,
Kindly suggest :-
An indian company providing service to foreign based company ( in Thailand) and raising Service Invoice after charging Service Tax of 10.30%.
My query ----can foreign co get service tax credit ?
5 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 03 March 2011
no, there is no such provision of service tax credit by overseas clients.
CHINKY TRIPATHI
(Practise)
(37 Points)
Replied 05 March 2011
A MANUFACTURING COMPANY CAN TAKE SERVICE TAX CREDIT ON SERVICE PROVIDED BY A SCHEDUALED BANK LIKE BANK CHARHES ON BILL DISCOUNTED,CHEQUE BOOK ISSUED TO COMPANY,FOR MAKING DEMAND DRAFT ETC
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 07 March 2011
Foreign company cannot take cenvat credit from Indian company's bill. But I wonder , why Indian Company paid service tax, as export of service is exempted.( subject to conditions).
sushant gurav
(Accountant)
(396 Points)
Replied 14 March 2011
Sir,
Can u please tell me say - Bill raised and service tax payable during the month is Rs.20,000 and Cenvat claimed during the month is Rs. 25000.00 . Is it compulsory to pay the service tax or you can adjust against Cenvat Credit. Secondly excess credit can be utilised further?
Its very urgent, sir
Thanks
Sushant
Pankaj Arora
(Learner)
(3134 Points)
Replied 14 March 2011
Yes you can utilize it if you not taking benefit till turnover of 10lac….
Recent Topics
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
Related Threads
CAclubindia
