Cenvat credit on input services in real estate industries
This query is : Resolved
21 September 2013
CAN WE TAKE INPUT SERVICE CREDIT RECEIVED BY THE CONTRACTOR, ARCHITECT , PROFESSIONALS IN REAL ESTATE CONSTRUCTION COMPANY FOR PAID SERVICE TAX @ 3.09% ON ADVANCE AMOUNT RECEIVED FROM CUSTOMERS.
22 September 2013
Yes, you can take credit if you have not availed abatement under notification 26/2012
disclaimer- all answers are given as per the facts narrated by you. Answer may differ after study of full facts/statements/agreements etc. involved in the case
disclaimer- all answers are given as per the facts narrated by you. Answer may differ after study of full facts/statements/agreements etc. involved in the case
23 September 2013
But when you talk about 3.09% ST that means you are taking benefit of Not 26/2012 (75% abatement). you can not claim input credit of any nature.
For taking input credit you need to charge ST @12.36% to your customer and then you set off all credit and pay balance ST. (This in any way not advisable)
For taking input credit you need to charge ST @12.36% to your customer and then you set off all credit and pay balance ST. (This in any way not advisable)
09 November 2013
As understood your query is whether you can take credit of input services when you are availing abatement and paying taxes at 3.09%/3.71%.
Notification 26/2012 restricts CENVAT credit only for inputs. You can avail credit for imput services and capital goods w.e.f. 1st July 2012 even though you are claiming abatement. Prior to 1st July 2012 you were not allowed to take cenvat credit along with abatement.
Notification 26/2012 restricts CENVAT credit only for inputs. You can avail credit for imput services and capital goods w.e.f. 1st July 2012 even though you are claiming abatement. Prior to 1st July 2012 you were not allowed to take cenvat credit along with abatement.
Message likes :
1 times
09 November 2013
yes pratik you are right. it has talks about only input. so input services and capital goods credit is available.
thumbs up
thumbs up
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
