WE ARE MANUFACTURAR EXPORTER AND HAVE THE LARGE AMT OF SERVICE TAX CREDIT IN OUR BOOKS

CAN WE TAKE THE REFUND OF SERVICE TAX
UNDER NOTIFICATIN 41/2007 ST. 06.10.07

CAN WE TAKE THE REFUND OF ALL THE SERVICE TAX WHICH WE HAVE PAID EXCEPT FREIGHT OUTWARD

OR

WE CAN TAKE THE CREDIT ONLY ON THE SPECIFIC SERVICES

PLS ADVICE

if deferred tax is applicable when the company is in loss ?

Dear Sir,

For making Steel in a Factory in Maharashtara, an Oxygen & Nitrogen Gas Plant is required. The Steel Factory wants to invite Vendor of such Oxygen Plant to enter in a BOOT Agreement(Build, Own, Operate & Transfer)whereby the Vendor owns the plant, run it for 2-3 years and then transfer it. During this period they will get the Operation & maintenance Charges for continuous supply of Oxygen & nitrogen Gas of required quantity.

My question are -

In case the Gases - Oxygen & Nitrogen are produced by Vendor, will it require the Excise Reg and payment of Excise Duty by them ? In this case the premises of their plant is in our factory it self so will they get separate Reg ?

In case it attracts Excise Duty then they have to sell the Gases which would also include the VAT ?

In case they are paid monthly fixed charges for continuous supply of gases as Operation & Maintenance, how will it be treated from Excise, Vat and Ser. Tax point ?

The proposed BOOT Agreement provides that the Plant will be the Vendor till it is transferred.

When after 3 years the same is transferred, will it be chargeable to Excise Duty ? Though there is no clearance ? The Plant as assembled and erected is being transferred. ?

Please clarify.

Regards,

MK

If an individual purchase a business concern which was audited u/s 44 AB last year , whether this year the said individual is liable to deduct the TDS if none of his business firm was tax audited last year

Is it compulsory for the Company which is assessing its VAT liability on its own, to get books of the account audited under Gujarat Value Added Tax?
If It is liable but does not carry out audit then what are the consequences of the same?
What is the time limit of filing of the audit report?

In form 16,how is repayment of housing loan to be disclosed in deductions from GTI?. Should interest part of the loan also be taken as a deduction under chapter VI A?

Sir,
Is interest or penalty on account of late payment or late filing of return of any statutory payments like Excise, PT, Service Tax, Income Tax, FBT, VAT, ESI, EPF, TDS.... an allowed expenditure for Income Tax purpose?

Pls clarify...

Regards,
Girish

As we know service tax is paid only when consideration for service is received. if no consideration is received no service tax liability arises.

At the time of billing we credit service tax account and provide service tax liability in the books of account whereas there is no service tax liability arises at the time of billing.

Please suggest proper accouting treatment of service tax so that liability can be created in the books of account only when it actually arises.

Sir,
Pls correct me if I am wrong,
1.Service tax is excempted upto 10 lakhs of taxable services but can't avail CENVAT credit.
2.Any time during the year if taxble services exceeds ten lakhs, service tax is applicable on the balance exceeding 10 lakhs.

Thanks & Regards,
Girish

Transporter have not charged Service tax in Bill for exemption and issued consignment note then our liability to pay service tax on this. Can we take Cenvat on Service tax paid for carriage Inwards in same month when we deposit to Bank?

If transporter has not issued consignment note and they have no service tax reg. no.then also will we have to pay service tax for this?