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service tax credit

MANISH PANCHAL (service) (174 Points)

12 March 2008

whether 100% service tax credit can be availed for auditing, accounts, finanace, repairs and maintenace , quality control, manpower recruitment, telephone can be availed for taxable as well as exempted out put service as seperate maintennce of records for such services are not possible

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5 Replies

(Guest)

if books of accounts are not maintained separatly, only an amount equal to 20% of the available service tax input can be taken as credit against the output.

(Guest)

Dear Prakash What u have said it right, but its not 20 % of available credit. provision of Rule 6 is like- you can discharge your service tax laibility by cenvat credit to the extent of 20% laibility. in short 80% liability should be discharged by G.A.R.7 challan.

Mahesh (CA) (63 Points)
Replied 13 March 2008

To all..... however above provisions are redundant in view of Budget 2008.subject to passing of finance Bill.

venkat chowdary (senior accounts officer) (79 Points)
Replied 14 March 2008

books of accounts means we provide with half year return all supportings . is it suuficient or any other Records pls advice

Dayal (Gen. Manager - Indirect Taxation) (3431 Points)
Replied 15 March 2008

Rule 6 specifies 17 such categories which are subject to 100% credit in case where exempt goods are manufactured or exempt services are provided, if there is none above you can take full credit of service tax