hello gentelman i am aservice provider of interior decarator can u plz tell what expenses are eligible for input tax credit and am i liabile to pay income tax on my profits r income plz clarify my doubts
best regards
singam
singam madhu sudhan reddy (ca) (24 Points)
25 April 2014hello gentelman i am aservice provider of interior decarator can u plz tell what expenses are eligible for input tax credit and am i liabile to pay income tax on my profits r income plz clarify my doubts
best regards
singam
sumanthraviprolu
(ca final)
(124 Points)
Replied 25 April 2014
if you have used inputs,capital goods or input services in providing the taxable service,then you can take cenvat credit equal to the amout paid as duty in respect of those inputs,capital goods or input services.And you have to pay service tax on the value of taxable service i.e your income and not on profits.
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