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credit of VAT from ST under the composition scheme of ST

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(Querist)
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.
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gadhamsetty manikanta

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gadhamsetty manikanta (Expert)
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.
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