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Q. > Please Help: Service Tax input Credit under new reverse charge mechanism
Under new reverse charge mechanism, service tax is paid partly by service provider and partly service receiver.
For Example Manpower suply Agency is paid only 25 % and balance 75% is paid by the service receiver
My question here is we are eligible to take 100% tax credit or 75 % input credit?
in my knowledge under the reverse charge mechanism service tax input credit is allowed on challan payment basis
in challan we have paid only 75 %
Please help me
answered Jun 07, 2012 by Ashish Chaudhary , Jaipur
100% credit can be taken based on the invoice of manpower supply agency and challan of payment of service tax on reverse charge. Suitable clarificatory amendment is expected in Cenvat Credit Rules to this effect on or before 1st July 2012 i.e. the date from which the above provisions of reverse charge are becoming effective.
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