Separate books of accounts
This query is : Resolved
CA Pramod Jain
(Querist)
25 August 2015
Dear Sir,
We are mainly into wholesale trading of iron and steel, and we also provide business auxiliary services.
we take service tax cenvat credit (directly linked to service provided) and pay balance service tax liability.
Now (have received scruitney letter) dept. is asking us to have separate books of accounts and are threatening to disallow cenvat credit taken.
Plz advice in the matter.
We are mainly into wholesale trading of iron and steel, and we also provide business auxiliary services.
we take service tax cenvat credit (directly linked to service provided) and pay balance service tax liability.
Now (have received scruitney letter) dept. is asking us to have separate books of accounts and are threatening to disallow cenvat credit taken.
Plz advice in the matter.
CA R SEETHARAMAN
(Expert)
25 August 2015
Keeping separate books is a condition for availing with cenvat credit when taxable service and exempted services are provided.
You can argue that you are not providing any exempted service. But keep separate books of account for taxable service provided.
You can argue that you are not providing any exempted service. But keep separate books of account for taxable service provided.
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