Service tax adjustment
This query is : Resolved
narendra khandelwal
(Querist)
31 August 2010
Dear All
a builder entered into agreement with LIC HFL for marketing the project.
for each booking made through LICHFL a fee for Rs 100000 plus service tax to be paid by builder to LICHFL.
in the above agreement there is a cancellation clause. according to this if in future any booking is cancelled, service fee paid to LICHFL will be refunded to builder but service tax will not be refunded since same would have been remitted to concerned authorities.
is the reasoning given by LIC HFL correct?
a builder entered into agreement with LIC HFL for marketing the project.
for each booking made through LICHFL a fee for Rs 100000 plus service tax to be paid by builder to LICHFL.
in the above agreement there is a cancellation clause. according to this if in future any booking is cancelled, service fee paid to LICHFL will be refunded to builder but service tax will not be refunded since same would have been remitted to concerned authorities.
is the reasoning given by LIC HFL correct?
Gagan Agarwal
(Expert)
31 August 2010
LIC HFL need to apply for refund of the service tax paid to the builder for bookings which are cancelled.
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