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.
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Eway bill generation from place other than registeted
- CREDIT NOTES WITHOUT GST
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
