( Querist )
31 August 2012
I have one doubt, pls. help me in this.
Suppose if company is into trading business on which VAT charged & also into service business on which service tax charged. however they are not maintaining seperate books of accounts of two business, so how can we claim set off of service tax paid on common input services. what should be formula to claim input credit set off under this condition.
Second in reverse charge mechanism applicable from 1-7-12 can service receiver claim set off of his share of service tax, or whether he has to pay without setoff.
Pls. advice me urgently.
Thanks in anticipation.