Input tax credit of rcm paid
Querist : Anonymous
Please let me know in 2016 service-tax rules, we can take input tax credit for service tax paid as reverse charge mechanism. we had paid service-tax in may16 for the services taken during the month of april'2016, can I take input tax credit out of service-tax output payable for may16 or deduct only RCM output tax payable for this month may16.
What is exact rule please explain.
So you can take CENVAT credit of Service Tax paid under RCM and adjust it against the Output Service Tax Payable.
Querist : Anonymous
I paid service tax with seprate challan thru Net banking.
I am unable to under stand your answer please clear with given time period.
April'16 RCM paid in may16. now my confusion is that now I can take input credit of this paid amount out of service-tax output payable May16 or
RCM output payable May16 only, which will be paid in June16. this month (May16) RCM payable amount is less than to paid input RCM (April16 month)
then what to do rest RCM input credit available. which I had paid in may16 on service taken in April16.
2) Take input credit against Service Tax output payable for May 2016.
Hope its clear now.
Querist : Anonymous
Now I got it once RCM service-tax paid No CENVAT credit available as input and
service tax input or out difference to be paid.
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