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SERVICE TAX

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(Querist)
30 June 2009 I AM WORKING IN INSURANCE BROKING COMPANY

PLS TELL ME ABOUT SERVICE TAX INPUT CREDIT. CAN WE TAKE 100% CREDIT ON SERVICE TAX. WHAT IS THE INTEREST IF NOT PAID ON TIME. WHAT THE SERVICE TAX LIABLITIES ARISES, I MEAN WHEN WE RECEIVE THE SERVICE TAX OR FOR THE PERIOD IN WHICH THE SERVICE PERTAINS.
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
30 June 2009 If the service rendered is liable to service tax under the service tax Act and the amount of Service Tax exceeds Rs10.00 lakhs your meter will start ticking away.Insurance companies are liable for service tax.Input credit is the ST paid by you for services received by you,which can be set off against your liability under the same Act.Period refers to a calander month in the financial year. Returns are to be submitted regularly too.
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