How to account it in my books of accounts? I am to fill NIL service tax return? Please clear me.....
karthi sabapathi (student) (173 Points)
27 December 2008
How to account it in my books of accounts? I am to fill NIL service tax return? Please clear me.....
RAJU
(LEARNER)
(1089 Points)
Replied 27 December 2008
Hi,
Service tax paid on input services can be availed either against excise or service tax liability.
Prachi
(Service)
(83 Points)
Replied 27 December 2008
Hi Karthi,
A logic exist in setting off tax liability. Set off of any tax is allowed only against the tax liability of the same nature as that of set off is intended.
Input Servcie tax off can be claimed only against output service tax liability. Furthur, Input service tax set off can be claimed against excise duty payable on manufactured output, if the said service is used directly or indirectly for the manufacture of said outputs.
Regards,
Prachi.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)