ST on WCT

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Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 We are in Property Developement-WCT and registered under composite scheme in Service Tax.Recently we got an advance of Rs.10,00,000/- from a customer towards advance for a flat. How much amount we have to pay as service Tax.We have cenvat credit with ST dept., Whehter this liability canset off against that

SAIBAL

SAIBAL (Expert)

18 July 2011 Q.1.Your payment will be under composite WCT is @4.12% i.e.Rs.41,200/=(Including E.Cess & S&Hecess)[Though some further clarification needed.]

Q.2. You can set off the payment from your cenvat.If you have got sufficient balance in it.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

18 July 2011 1. ST Payable @4.12% on Rs.10 lacs.
2. CENVAT Credit can't be availed as per rule 3(2) of works Contract (Composition Scheme for Payment of service tax)Rules,2007.

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 Whehter we can claim credit of input services -Sub contractor payment & Professional and consultnacy fee- and capital goods?

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 Please advice

SAIBAL

SAIBAL (Expert)

19 July 2011 Credit on capital goods is allowed, so also Service Tax paid on input services can also be taken.Please follow Nfn.32/2007-S.T.dated 22.05.2007.

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