Input Credit
This query is : Resolved
Vipin Singh
(Querist)
21 August 2008
Sir/Madam,
I am accountant in a private limited company, in financial yr. 07-08 the construction work of the company's building was on progress and during the yr we had paid service tax (Rs.3,34,000/-)on labour charges.
In the 08-09 yr. after completing the construction work of the building, we have given the building on rent and we are charging service tax on the rent amt. may i take input credit (3,34,000/-paid in the yr. 07-08) against the service tax on rent,we liable to pay.
I am accountant in a private limited company, in financial yr. 07-08 the construction work of the company's building was on progress and during the yr we had paid service tax (Rs.3,34,000/-)on labour charges.
In the 08-09 yr. after completing the construction work of the building, we have given the building on rent and we are charging service tax on the rent amt. may i take input credit (3,34,000/-paid in the yr. 07-08) against the service tax on rent,we liable to pay.
21 August 2008
No ... you cannot
you would've capitalized it already...
you cannot claim input credit
you would've capitalized it already...
you cannot claim input credit
24 August 2008
Please refer boards circular 98/1/2008- ST. It restricts taking CENVAT credit under Commercial or Industrial Construction Services and Works Contract Service for construction of property and given on rent.
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