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FAQ: Can the service tax be set off? - Property Hotline
Posted
June 2, 2016
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52
June 2, 2016
52
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2:32Now PlayingExpert: Vinay Singh, Legal & Tax Expert
Q: I am a professional trainer/coach and I'm registered to pay service tax. I pay service tax of approximately Rs. 2 lakh per year. I collect service tax from my customers. I recently purchased a property and I have paid service tax on it. I want to know if it possible to set-off the service tax I have collected from clients against the service tax I have to pay.
Answer: In your case, the property is residential and has no connection with your business. Hence you cannot set off the service tax paid against what you have collected as this does not qualify as an input service under the Cenvat Credit rules.
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