Sagar Sharma (CA Final Fianance Executive) (111 Points)
28 March 2011When one can avail the setoff for the Service tax paid on import of Service? At the time of payment of service tax to the dept or at the time of payment made to the party for availing Service.
Lets take an Eg:-
On 1-4-2010 Service Received by XYZ Ltd for Rs 100000/- from ABC .inc
On 1-6-2010 payment made to ABC Ltd.
On 1-9-2010 the amount of Service Tax i.e Rs 10300/- deposited through GAR7 to Dept.
In which month Service TAx setoff can be availed by XYZ Ltd
Thanx in Advance
Pankaj Arora
(Learner)
(3134 Points)
Replied 28 March 2011
You can take input credit of service tax on same month….
Pinky Agarwal
(Chartered Accountant)
(426 Points)
Replied 29 March 2011
You can avail the set-off of service tax after 1-9-2010 i.e the date on which the payment is made to dept. As you can take the credit of tax only if it is paid..
Pandey
(Executve)
(24 Points)
Replied 29 March 2011
I have a receipt of Rs. 5 lcs on capital gain. Wll this attract service tax
Rajendar Pandey
Pinky Agarwal
(Chartered Accountant)
(426 Points)
Replied 30 March 2011
No, service tax is applicable only on amount received on account of any service provided.
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