Applicability of Service Tax on sale of Carbon Credit
This query is : Resolved
23 August 2009
kindly clarify if service tax or any other tax is applicable on sale of carbon credit?
regards
Rajkumar
regards
Rajkumar
SARATHY RP
(Expert)
24 August 2009
Dear Mr Raj Kumar,
The carbon credit is sold to the needy customer after establishing a contract. Hence, there is a sale and consequently this will fall under local VAT Act. Many VAT Acts have included goods of intangible nature / incorporeal nature.
Since the taxable service is not provided, it will not come under the Service Tax scheme.
Thanks.
Sarathy
The carbon credit is sold to the needy customer after establishing a contract. Hence, there is a sale and consequently this will fall under local VAT Act. Many VAT Acts have included goods of intangible nature / incorporeal nature.
Since the taxable service is not provided, it will not come under the Service Tax scheme.
Thanks.
Sarathy
CA Sanjeev Kr Jain
(Expert)
30 August 2009
pl explain what is carbon credit, how it is generated, how sold, who sales and who buyes, benifit of sale / purchase
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