Our client, a co-operative Bank, was required to pay service tax on rented branch premises for past 5 years, pursuant to the finality of leviability of service tax on commercial rented premises.
Service tax for all services ( all income/charges other than interest) rendered by relevant branch for all the years was paid over, during relevant years.
We are of the opinion that the client can take credit for the entire amount of service tax paid (for all past years), .against its present and continuing liability of service tax on taxable services (again all income/charges other than Interest).
Are we correct?
CAclubindia
