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Point of taxation & cenvat credit
Replies (4)
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@ swetha....
1. In the case of reverse charge, service tax has to be paid only after making payment to the service provider. In the present example
if you make the payment in Nov.12, then you have to pay ST @ 75% on or before Dec.6th.
2. You can avail the cenvat credit based on the payment challan made for the 75% of S.T.
Regards
Anandan.s
Solution to Query 1 : As per Rule 7 Of Point Of Taxation Rules, POT shall be Date of Payment i.e 31.10.2012
Solution to Query 2 : The service provider can book the CENVAT CREDIT in the month of November and can utilise it against the liability of Excise Duty or Service Tax for the month of November of Quarter Ending December, as the case may be.
- Ruben Balooni
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As per Rule 7 Of Point Of Taxation Rules, POT shall be Date of Payment i.e 31.10.2012 (since it is recieved within 6 months as under rule 7)
The service provider can avail the CENVAT CREDIT in the month of November and can utilise it against the liability of Excise Duty or Service Tax for the month of November of Quarter Ending December, as the case may be. |
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