Dear All
We have purchased capital goods on which custom duty has been paid. can it be adjusted with service tax payment which is to be deposited by 31 st march 2011.
please reply it is very urgent
thanks in advance
Hemchand Kohli (Accountant) (889 Points)
28 March 2011Dear All
We have purchased capital goods on which custom duty has been paid. can it be adjusted with service tax payment which is to be deposited by 31 st march 2011.
please reply it is very urgent
thanks in advance
Pinky Agarwal
(Chartered Accountant)
(426 Points)
Replied 28 March 2011
Custom duty can not be adjusted with service tax payment. Only service tax and excise duty paid can be adjusted.
Alok Siddapur
(Consultant)
(229 Points)
Replied 24 April 2011
Custom duty levied under sec 3 of Customs Tariff Act shall be allowed as cenvat credit and can be adjusted in payment of service tax.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 25 April 2011
but CVD is levied in lieu of excise which is an cenvatable duty if the inported goods are capitalized.
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