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Service tax input credit
WE ARE RUNNING RESTAURANT. IN SALES WHILE CUSTOMER IS SWIPING A CARD FOR PAYMENT OUR BANK IS CHARGING 1 TO 2% CHARGES FOR THAT AND DEDUCTING THE CREDITING INTO OUR ACCOUNT. IN THAT CHARGES SERVICE TAX ALSO INCLUDED. ON DAILY BASIS WE ARE GETTING THE PAYOUT REPORT FROM BANK WITH DETAILS OF CHARGES AND SERVICE TAX AND THE BALANCE AMOUNT CREDITED INTO ACCOUNT. CAN WE TAKE THAT AMOUNT FOR SERVICE TAX INPUT CREDIT?
Replies (2)
Yes, You can take service tax credit on these bank charges.
Yes, you can take the CENVAt credit but it is advised to obtain a service tax certificate from the bank in this regard. Generally, many banks issue the tax certificate on request.
Regards,
Ravi Kumar Somani
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