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Service tax input

Binod (Student CA Final ) (386 Points)

04 April 2014

HELLO ALL

Whether interest on late payment of service tax can be adjusted against service tax input or not?

if not why?

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7 Replies

Harendra Kumar (Tax Advisor ) (1326 Points)
Replied 04 April 2014

Sir,

Interest canot to be paid through Cenvat Credit. Interest is paid only cash/bank as may be possible.

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satya (Executive Excise) (1839 Points)
Replied 04 April 2014

No.. Interest must payable thru CASH only and Interest paid under any circumstances (Excise, Service Tax & Customs), does not eligible to take Input Credit.

Sandeep Mangal Agarwal (Chief Accountant) (199 Points)
Replied 04 April 2014

Interest is not an element on which one can take cenvat you have to pay by cash only.....

Neville (Student) (53 Points)
Replied 05 April 2014

Is it compulsory to file ST3 and pay service tax even if billings are less than 10 lakhs where the assessee holds a service tax registration certificate?

Kamal (Accountant) (34 Points)
Replied 05 April 2014

There should be turn over accross 100000 lakh in f.y.

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Akshay Garg (Indirect tax trainee) (457 Points)
Replied 07 April 2014

These are to be specifically paid in cash as Cenvat can only utilised for payment of specifica duties and Cess. So interest bieng not a duty or fees shallbe discvharged in Cash