Service tax input credit on first year
This query is : Resolved
02 February 2013
An assessee A's services becomes liable to service tax from 01.07.2012 onwards. He makes 13 lakhs from 01.07.2012 onwards. first 10 lakhs becomes exempt from service tax. He has received services for which he has made payment.
Can he avail input credit on services paid by him from 01.07.2012 onwards? or input credit on services can be taken only from date of earning the addtional revenue beyond 10 lakhs?
Can he avail input credit on services paid by him from 01.07.2012 onwards? or input credit on services can be taken only from date of earning the addtional revenue beyond 10 lakhs?
24 February 2013
Input credit can be availed only from the date of earning additional revenue beyond Rs. 10 lakhs. Please refer to clause (iv) of Para 2 of the Not. 33/2012 dated 20.6.2012 that states that the provider of taxable service shall avail the CENVAT credit only on such inputs or input services received, on or after the date on which the service provider starts paying service tax, and used for the provision of taxable services for which service tax is payable;
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- Fixe term employment
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Section 50-fixed asset-->building ceases to exist
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
