Service tax setoff
This query is : Open
20 April 2012
I am Working in an IT consultancy Co.
It is an Service Based Industry.
I Want to Know whether the Service Tax Paid on rent can be taken as Set off.
Suppose the
ST on Invoice Issued is Rs.20,000/-
Rent( Paid ) ST Rs.10,000/-
=========
Rs.10,000/- Payable
=========
Or ST Set off on rent is not Taken i.e. Rs.20,000/- is payable as service Tax.
Please need help for the same.
It is an Service Based Industry.
I Want to Know whether the Service Tax Paid on rent can be taken as Set off.
Suppose the
ST on Invoice Issued is Rs.20,000/-
Rent( Paid ) ST Rs.10,000/-
=========
Rs.10,000/- Payable
=========
Or ST Set off on rent is not Taken i.e. Rs.20,000/- is payable as service Tax.
Please need help for the same.
20 April 2012
Rent does not fall under the restricted or negative list you can avail the cenvat credit.
However it is to be ensured that the premise is actually used for commercial purpose for carrying out business transactions and is not used by an employee for residential purpose
However it is to be ensured that the premise is actually used for commercial purpose for carrying out business transactions and is not used by an employee for residential purpose
Message likes :
1 times
20 April 2012
Thanks Dayal
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Reporting in TDS return
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Gst on travel by air for business purposes
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Banking Related Issue
- Residential status of non resident
- ITR-3 File/Error Found
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
