Query regarding possibility of adjustment of service tax demand against cenvat credit

[Tapas Chakraborty]

Dear All,

 Please guide me with your valuable opinions regarding the following:

 Service tax audit for the period 2013-14 to 2016-17 conducted during the current year revealed that there was short payment of service Tax and on the other hand cenvat credit balance was lying for the same period and at the end of 2016-17 has been reflected in March, 2017 ST-3 return.

 But the cenvat credit balance of March.2017 has not been carried  forward to 2017-18 financial year while filing ST-3 return for the period April-June 2017, but still  reflects a fresh cenvat credit balance in ST-3 return for the period June,2017. Please note that balance of cenvat credit in the return for the period June,2017 does no include the balance of cenvat credit lying in March, 2017 return.

 No amount of cenvat credit has been transferred to the GST regime through Trans-1.

 service tax officer after completion of audit has issued the memo and imposed tax along with interest.

 Now, my query is:

can I now adjust the imposed tax and interest with the cenvat credit for the said period without paying by cash for the same. If it is possible then with which I can adjust the same and what would be the procedure.

i.              The balance lying in ST-3 as on March,31 2017 or

ii.            The balance lying in ST-3  as on June 30, 2017 (this balance is separate and not     includes any carried forward balance of earlier period).

 Kindly guide me suitably for defending the case at earliest.

Thanks in advance with best regards,

CA. Tapas Chakraborty

 

[Shivani Shah]

If the aggregate turnover is below the threshold of 20 lakh, he may choose not to be registered. However, losing out the credit is not a wise option. 

Regards

--
CA. Shivani Shah

Shivani Shah & Associates

Shah More & Associates

W: www.shahmoreassociates.com
M: +91 98304 02305

L: +91 33 4063 0437

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On Tue, May 15, 2018 at 2:53 PM, 'R.N. CHAKRABORTY' via Exchange-Professionally <echange-pro...@googlegroups.com> wrote:

Dear Professionals

A building contractor takes advance for construction of a property.  Total advance will not exceed Rs. 20 lakhs in the current financial year. Will he need GST registration in the current year? He is ready to forego the GST on inputs. Next year after completion of the building he will sale the flats and his turnover will exceed 20 lakhs. He wants to take GST registration then.

Please give your opinion on the matter

Regards

R N Chakraborty 

Sent from Yahoo Mail on Android

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[Sajjan Kedia]

Looks like, it is possible.

Thanks and Regards
CA Sajjan Kumar kedia
Kar Mitr
9831563168

From: "\'R.N. CHAKRABORTY\' via Exchange-Professionally" <echange-pro...@googlegroups.com>
Sent: Wed, 16 May 2018 10:35:20
To: 'Tapas Chakraborty' via Exchange-Professionally <echange-pro...@googlegroups.com>, Forum4ca PDRungtaji <foru...@googlegroups.com>, "foru...@googlegroup.com" <foru...@googlegroup.com>, Echange-professionally <echange-pro...@googlegroups.com>
Subject: {CA AGARWAL RANJEET} Requirement to take GST registration

Dear Professionals

 

A building contractor takes advance for construction of a property.  Total advance will not exceed Rs. 20 lakhs in the current financial year. Will he need GST registration in the current year? He is ready to forego the GST on inputs. Next year after completion of the building he will sale the flats and his turnover will exceed 20 lakhs. He wants to take GST registration then.

 

Please give your opinion on the matter

 

Regards

 

R N Chakraborty 
 

Sent from Yahoo Mail on Android

 

 

 

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[R.N. CHAKRABORTY]

[Alankar Surana]

As per my understanding, You are eligible to utilize both the credit / balance  and you should also inform in writing along with documentary proof (i.e. copy of relevant returns)  regarding mistake and now utilizing the same agst the demand.

Rgds

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[SOURABH MAJUMDAR]

Dear All,

If the Construction is on the Land of the Other person on Joint Venture Agreement and 40% flats are being handed over to the Land Owner as per Joint Development Agreement - then GST @18% on the Market Value of the Flats are to be Deposited to the Govt. Account as Construction Service on behalf of the Land Owner. In that case Ready Flat / Booking Money concept will not be considered.

Regards,

Sourabh Majumdar

Chartered Accountant

15, Lake Place, Kolkata-700029
9830403662,

casou...@gmail.com

Sourabh Majumdar

For and on behalf of

Sourabh Majumdar & Associates
Chartered Accountants
Balaji Bhawan, 1st Floor,
15, Lake Place, Kolkata-700029
Mobile : 9830403662, Land Line: 033-40655309
Email id : casou...@gmail.com

On Wed, May 16, 2018 at 11:20 AM, Shivani Shah <shivan...@gmail.com> wrote:

If the aggregate turnover is below the threshold of 20 lakh, he may choose not to be registered. However, losing out the credit is not a wise option. 

Regards

--
CA. Shivani Shah

Shivani Shah & Associates

Shah More & Associates

W: www.shahmoreassociates.com
M: +91 98304 02305

L: +91 33 4063 0437

Disclaimer: The information contained in this communication is intended solely for the individual or entity to which it is addressed. It may contain confidential and/or legally privileged information. Any review, retransmission, dissemination or other use of, or taking any action in reliance on the contents of this information by persons or entities other than the intended recipient is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by responding to this email and then delete it from your system. We attempt to scan e-mails and attachments for viruses, however, it does not guarantee that either are virus free and that we accept no liability for any damage sustained as a result of VIRUSES.

On Tue, May 15, 2018 at 2:53 PM, 'R.N. CHAKRABORTY' via Exchange-Professionally <echange-professionally@googlegroups.com> wrote:

Dear Professionals

A building contractor takes advance for construction of a property.  Total advance will not exceed Rs. 20 lakhs in the current financial year. Will he need GST registration in the current year? He is ready to forego the GST on inputs. Next year after completion of the building he will sale the flats and his turnover will exceed 20 lakhs. He wants to take GST registration then.

Please give your opinion on the matter

Regards

R N Chakraborty 

Sent from Yahoo Mail on Android

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[Aman Kedia]

Dear Associate,

As per schedule III of Para 5 ( ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES ),  Sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building (ready to move in property), is neither a supply of Goods nor service.

Hence the Tax liability does not arise.

Since the pre condition for levying GST is not present, registration is not required.

Best Regards

CA Aman Kedia

[Kamal Agarwal]

I am preparing a return in Form 4 for AY 18-19. Turnover is only Rs. 1.50 lacs and profit is shown at Rs. 50000. At the time of saving, the form is asking for GST NO and without GST No it is not allowed to proceed. As per GST Act, only when Turnover is more than 20 lacs, GST Number is required.

On Wed, May 16, 2018 at 4:54 PM, Aman Kedia <amank...@gmail.com> wrote:

Dear Associate,

As per schedule III of Para 5 ( ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES ),  Sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building (ready to move in property), is neither a supply of Goods nor service.

Hence the Tax liability does not arise.

Since the pre condition for levying GST is not present, registration is not required.

Best Regards

CA Aman Kedia

On Tue, May 15, 2018 at 2:53 PM, 'R.N. CHAKRABORTY' via Exchange-Professionally <echange-professionally@googlegroups.com> wrote:

Dear Professionals

A building contractor takes advance for construction of a property.  Total advance will not exceed Rs. 20 lakhs in the current financial year. Will he need GST registration in the current year? He is ready to forego the GST on inputs. Next year after completion of the building he will sale the flats and his turnover will exceed 20 lakhs. He wants to take GST registration then.

Please give your opinion on the matter

Regards

R N Chakraborty 

Sent from Yahoo Mail on Android

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Regards,

CA. Kamal Kumar Agarwal

Agarwal K. Kumar & Associates,

Siliguri.

9832022225(M)

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