Service Tax

hello frens,

is there ne provision in service tax to take 50% input service tax credit of capital goods in 1st year and remaining from next year.

Originally posted by : niloy sanyal
	We are a Plastics SSI  MANUFACTURING UNIT (Partnership Firm). We are doing some Labour Charges/Job Work, Where Party Supply us Plastic Granuals and we manufacturing different types of product This Year till date (2010-11) we are Doing Rs. 12 Lac(Appro.) Labour Charge/Job Work. Then please suggest this situation SERVICE TAX is applicable for Us. If Answer Is Yes then also mention the Which Accounting Code is Applicable for us.

as per your query, you  are now principal manufacturer and excise duty liablity belongs to you, please share the procedure of labour charges challan issued by the principal and your process/ onwards return of goods procedure, otherwise gross amount of finished goods ( markable value) would be subject to excise duty payable by yourself.