The company is providing recovery service to Banks/NBFC & Corporates and is registered under business auxiliaries. From July 14 the recovery services provided to Bank/NBFC's are under RCM,
-whether the service provider company has to register itself under Recovery Agents ? -wether cenvet credit can utilized towards the service provided to other than Bank/NBFC,
But, Service Provider company is alrady registered under business Auxiliary service, which is taxable service. The Recovery Agent service are exempt under reverse charge , then also the company has to registered itself in the catogary of Recovery Agent service?
07 September 2014
please make it clear it not exempt, but chargeable under reverse charge system , if you are already registered under business auxiliray category, then your in come covered under RECOVERY AGENT SERVICE is taxable under the REVERSE CHARGE SYSTEM, other income like commission income is taxable in business aux service
CAclubindia
