Foreign exchange/ service tax

This query is : Resolved

Sam (Querist)
Follow

23 May 2015 Dear Sirs My query is as under. 1. We receive inward remittances from our clients.2. On receipt we convert the same to INR. 3. The bank charges service tax as per slabs of the RBI. 4. The rates are different than what used to be 12.36 until June.Pls adv yours how to claim CENVAT or Service Tax Credit for such taxes. Thanks Sam.

Guest

Guest (Expert)

23 May 2015 Dear Mr Sam,
If I understood correctly, for converting USD into INR, there is a service charge on which the bank charges service tax. Your query is how to claim CENVAT for such taxes. In my opinion, YOU CANNOT CLAIM CENVAT on the same since the service is received after provision of service (technically speaking, it is after place of removal). I would recommend you not to take CENVAT credit.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Lalan Kumar Jha

Sabyasachi Mukherjee

Poojitha Raam Vinay

Mukesh Singh

Krishna Kumar A

Subscribe Now

Foreign exchange/ service tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Senior Executive

CA Final

Accountant