Service tax credit

This query is : Resolved

Praveen Maniyar (Querist)
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30 January 2010 Dear Sir,

A co. have not taken service tax credit from 4 years and now wants to take credit.
The issue is that company is having manufacturing business as well as trading business, in that case the some expenditures are common for both manufacturing as well as trading business.

Please suggest how to proceed in this case. Further how and in what manner provisions of rule 6 will aplly.

Regards,

Praveen Maniyar

ADITYA

ADITYA (Expert)
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31 January 2010 Dear Mr Maniyar,

You have to start taking Service TAx Credit for the current period immediately.

As far as Past period Service Tax Credit, please note that you must have booked expenses (For Service Tax Portion also)while paying to the concern Service provider. By the time, You must have finalized and submitted your Profit & Loss Account, Balance Sheet and Various Govt Returns ie Income Tax, Service Tax, Companies Act . It would be very much difficult to get changed all statutory reports .

You can not claim both Service TAx Crdit & Income Tax deduction at the same time.

Praveen Maniyar

Praveen Maniyar (Querist)
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01 February 2010 Dear Sir,

As discussed above the company has not taken the credit and the same has not been expensed out till now.

Now one more question is there, whether the company can avail the credit by transfering the credit of HO to plant by way of ISDN. What is the procedure for the same.

Regards,

Praveen Maniyar

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