credit of VAT from ST under the composition scheme of ST
This query is : Resolved
20 May 2010
During the audit of a real estate company, it is seen that the companyhas availed the composition scheme of Service tax, whereby it deposits ST @4.12%. The company is claiming input credit of VAT @ 4.12% paid on purchase of raw material.
My question is whether the company is eligible to take input credit of VAT from Service tax? If yes, under what rule/ notofication has this been laid down?
Reply at the earliest.
My question is whether the company is eligible to take input credit of VAT from Service tax? If yes, under what rule/ notofication has this been laid down?
Reply at the earliest.
20 May 2010
VAT and service tax are mutually exclusive.
So,These cannot be set off against each other.
and one more thing is that as u r paying service tax under composite scheme u r not eligible to take input.
So,These cannot be set off against each other.
and one more thing is that as u r paying service tax under composite scheme u r not eligible to take input.
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