Define the 'Input Tax' in respect of Service Tax Act. What
type of Input tax can be taken for the credit of tax payble?
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Answer / arjun_gatsby
Input Tax is that tax which a service provider; who is also
giving output services, have paid on services he has taken
for the pupose of providing the output services to his
clients. It includes the duty paid on goods and capital
goods which are used for the purpose of giving direct
services to the clients of the said service provider,
except a Transporter and Non Resident.
| Is This Answer Correct ? | 27 Yes | 3 No |
Answer / rajatsingh845@gmail.com
Input VAT is the value added tax added to the price when you purchase goods or services liable to VAT. If the buyer is registered in the VAT Register, the buyer can deduct the amount of VAT paid from his/her settlement with the tax authorities.
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