credit agst service tax
This query is : Resolved
16 June 2008
Dear Sir!
We are having huge balance in our "VAT CREDIT RECEIVABLE ACCOUNT".
Same time we are having huge liability against our service tax payable account.
Can it be setoff?
Please confirm.
gajendra
gajendrac@solectron.com
We are having huge balance in our "VAT CREDIT RECEIVABLE ACCOUNT".
Same time we are having huge liability against our service tax payable account.
Can it be setoff?
Please confirm.
gajendra
gajendrac@solectron.com
16 June 2008
Dear Gajendra,
Cenvat for service tax is governed by CENVAT Credit Rules 2004 whereas Cenvat for Vat is governed by various state VAT laws.They are altogether different legislatures.
Hence, VAT credit cannot be utilized for the payment of any service tax liability.
Regards,
Ajay Gumbar.
Cenvat for service tax is governed by CENVAT Credit Rules 2004 whereas Cenvat for Vat is governed by various state VAT laws.They are altogether different legislatures.
Hence, VAT credit cannot be utilized for the payment of any service tax liability.
Regards,
Ajay Gumbar.
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Sec 44ada applicable only or both
- Portuguese Civil Code IT Return
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- Taxability of Partnership firm for FY 2025-26
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- Sale of property held jointly with a non resident Indian
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
