Dear All,
can any one explain me what is contra A/C and what type of transaction is to be passed in this a/c.(answer will be highly appreciated)

thanks
regards,
shabbir

1. We are exporting goods. We have not made any domestic sales during the year. In manufacturing goods to be exported, we have availed various services such as telephone, internet, repairs & maintenance, auditor’s service, GTA service etc.

2. Now when we refer Notification no. 41/2007 dated 6-10-2007 as amended from time to time it is mentioned that service tax may be refunded only on those specified services mentioned in this notification which have been utilized in manufacturing of export of goods. Further department vide circular no. 112/06/2009-S.T. dated 12-3-2009 in the S.No. V it has mentioned that “Being prospective in nature refund is not admissible on such services received prior to the date they are notified in the said notification, even if the goods, in relation to which these services are used, are exported after the date when such services are notified under notification no. 41/2007 –ST.”

3. On the other hand, under Rule 5 of CENVAT Credit Rules, 2004 it has been prescribed that any input or input service which is used in the manufacture of final product which has been exported, CENVAT Credit in respect of the input or input service shall be allowed to be utilized by the manufacturer or provider of output service towards payment of any duty on goods cleared for home consumption or service tax on output service. And if such adjustment is not possible, manufacturer shall be allowed refund subject to such safeguards, conditions as may be specified by Central Government by notification.

4. According to my knowledge department has issued Notification No. 5/2006 – Central Excise (N.T.) date 14-3-2006 in pursuance to Rule 5 of CENVAT Credit Rules, 2004.

5. The following is my queries.

• Do I entitle to claim the refund on all input services which has been availed for exporting the goods if there is no domestic sales?

• Assuming we have made domestic sales during the year. What would be the position if I have made export sales as well as domestic sales?

• What would be the impact of Notification no. 41/2007 –ST dated 6-10-2007?

Can higher depreciation be claimed on Swift Dezire purchased after 1.1.2009 by a dealer in steel used for business purposes @ 50% as per new notification by CBDT does it comes under the definition of commercial vehicle

i want to add a 16 digit number in excel, but last digit automatically turns into "0". Say if i enter 1564785641289652 than last digit "2" will automatically turns into "0"

any body has any solution for this?

Eagerly waiting for solution

CS. Jatin Vora
+91 9898864690

I AM A CA(PCC) STUDENT OF NOV. ATTEMPT. I HAVE DOUBT THAT DO WE HAVE ONE DAY HOLIDAY IN EACH EXAMS OR WE WILL HAVE A CONTINOUS EXAMS IN NOV 2009

We're a Pub.Ltd.Coy, Constructing a Factory
for Manufacturing Activity @ 60% finished stage.

For the Construction we're receiving Steels in exceise Invoice that having CENVAT of 14%.

We also Collecting & paying CENVAT on Excise Bills, Quarterly.

Qn.

1.Shall We Take that Steel Bill CENVAT 14% Credit as input against our trade Excise Bill?.

2.The Steel Bill related to Sep'08,Oct'08 Can I Take it Now, ie.,for Jun'09 Quarter?.

Kindly Reply.Urgent

We are Forex Broker.We have entered into an agreement with some London based Company to provide us a software so that we can access online data of some other Countries.We have not been Registered under on line data processing under Service Tax Act. Please advise whether payment made to said Company will cover under Inport of services and we have to pay Service Tax on that if yes, then whether we have to register seperately under the head on Line data processing and retrival ubder Service Tax Act. And whether payment of Service tax will be eligible for CENVAT Credit

Sir
in the year 2008-09 we are collected advance for to sell scrap material but not paid the TCS, Can we pay with late interest in this 2009-10 year ??? if so what is the interest rate?? 1% per month or any other??

Sir
in the year 2008-09 i had paid excess TDS amount (Rs.100000/-), can this amount adjust to this year tds payments???

hello!

a retailer has having his turnover 448678 and 478651 for the fy 2005-06 and 2006-07 respectively.

now filling a income tax return for fy 2007-08 his turnover has exceeded 5 lakh which is the limit for VAT registration but he is not reg for VAT.

what would the implications of filling a return furnishing a turnover of above 5 lakh but without a VAT registration.

kindly suggest.