Service tax

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Chandra Shekhara .B

Finance Professional

28 Points Posted on 17 September 2013

Hi Good Afternoon to all

I have query on Service Tax.

1. When can we take cenvat Credit, is there is any transactions limit so that we hv to cross 1,50 lakh, after that only we can claim service tax input credit..?

2. my client is newly registered in service tax, and with in 3 months he crossed 10 lakh, til 10 lakh he has not collected any service tax from customers, now after 10 lakh he's going to collect the service tax from customers and remitting the govt, my query is whether he has to pay ST on previous 10 lakh, ...?

Please help me out friends ...

Replies (9)

Saurabh Maheshwari

B.com ACA

4340 Points Posted on 17 September 2013

Ans-1 Cenvat credit can be claimed of input services availed aftr we bcome liable to pay ST..i.e aftr crossing t/over of 10 lacs...

Ans-2 No need to deposit ST in respect of previous 10 lacs...because Rs. 10 lacs threshold exemp u/Notif No. 33/2012 dated 20.06.2012....

One Of A Kind

CA Final & CS Professional Student

172 Points Posted on 17 September 2013

1. No there is no limit for claiming Service Tax Input Credit.

2. No, he doesnt have to pay Service Tax on previous 10 Lacs as he is newly registered in Service Tax.

Ritzz

CA Final - Article

214 Points Posted on 17 September 2013

Originally posted by : Saurabh Maheshwari
	Ans-1 Cenvat credit can be claimed of input services availed aftr we bcome liable to pay ST..i.e aftr crossing t/over of 10 lacs... Ans-2 No need to deposit ST in respect of previous 10 lacs...because Rs. 10 lacs threshold exemp u/Notif No. 33/2012 dated 20.06.2012....

ravi rangaraajan

Manager-Finance & Accounts

24 Points Posted on 17 September 2013

he has to pay tax on the full amount irrespective of the fact that he collected or not....

ravi rangaraajan

Manager-Finance & Accounts

24 Points Posted on 17 September 2013

Sorry for my earlier reply I misunderstood. No need to pay ST on the threshold limit.....

Sidi Rana

student

36 Points Posted on 17 September 2013

Iff opted for another scheme in which st is collected from the bigningg than he ll not get cenvet credit . . But if charged st after reaching 10 lakhs than he ll not have to st on 10 lakhs rupees . . .