B.Muralidharan (LCS,CA final) (40 Points)
26 August 2009We are involved car dealer ship activity and apart from dealership, we are getting other income through commission from banking and Insurance on which service tax is applicable
Kindly confirm me whether I need to utilize only 20% of service tax liability or I can utilize full (i.e S.T payable Amt.) Pl note that we are not providing any exempt service.
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 26 August 2009
As per your Quarry I think Bank Commission will come into the head “Business Auxiliary Service” and Insurance Commission will come under the head “General Insurance Service
Kshirod Barik
(Finance Officer)
(46 Points)
Replied 27 August 2009
Can Service tax on Bank charges on LC be taken as input credit. If yes what are the conditions to be fulfilled?
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 28 August 2009
So long the input services are related to or incidental or ancillary to business, credit can be claimed
shrikant
(self )
(65 Points)
Replied 28 August 2009
Hi Mr. muralidharan,
i think revise ur query and specify
which service u provide
which service u receive
finally , i think, 20% cenvat availment restriction is no more in the statute of CENVAT RULES, check latest amendment for urself.please.
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 28 August 2009
LC IS OFTEN REQUIRED BY THE EXPORTERS. IF YOU ARE AN EXPORTER YOU WILL GET THE REFUNS OF SERVICE TAX PAID BY YOU AS PER THE NOTIFICATION NO 24 Dt 10.05.08
dineshsingh
(asst.accounts manager)
(41 Points)
Replied 07 September 2009
hallo
can service tax paid on certification fees of iso work can be avilable for cenvat credit
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