input credit in case of Banking Services
This query is : Resolved
CA Prashant Soni
(Querist)
09 October 2010
Whether bank can avail input tax credit on its courier bill, telephone bill and other expenses on which it has paid the service tax.
In one of my bank client, department is taking a view that while the bank is taking the exemption benefit of the service tax on CC/OD or Term Loan interest it can not claim the input tax credit.
In one of my bank client, department is taking a view that while the bank is taking the exemption benefit of the service tax on CC/OD or Term Loan interest it can not claim the input tax credit.
Madhukar N Hiregange
(Expert)
10 October 2010
Input credit is available.
Restrictions in rule 6 (3) maybe examined and eligible amount calcuated and availed.
Restrictions in rule 6 (3) maybe examined and eligible amount calcuated and availed.
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