TRAN-1 Credit

[DEEPAK SHARMA]

A advertisement company audit of service tax is under process, the company were availing credit on input and were paying full rate of Service Tax. In audit officer raised question to payment of taxes under RCM on TPT and security service, the company agreed to its payment. However they wanted to claim it through TRAN-1. Is it possible today to take credit through TRAN-1, please suggest

AI Summary

Ad Company Faces Challenges with TRAN-1 Deadline for RCM Tax Payments; Experts Advise Exploring Refund or Legal Options An advertisement company undergoing a service tax audit was questioned about tax payments under the Reverse Charge Mechanism (RCM) for transport and security services. The company seeks to claim these payments through TRAN-1. However, experts in the forum advised that the deadline for TRAN-1 has passed, and the company does not qualify under special cases for filing. Instead, they suggest applying for a refund or seeking permission to avail of the input tax credit (ITC). If denied, pursuing the matter through appellate channels or considering legal action might be necessary, depending on the amount involved.