utilisation of Service tax credits - reg

[PONNADA B K RAVIKUMAR]

We have accumulated to a large extent the portion of availed service tax credits than our on service tax liability as on 31-3-2010, This balance is so huge that it can service our IMPORT duty requirement for a year. We would like to know if this adjustment of Service tax to Import duty is possible and if so please quote the relevant rules and notifications for our benefit.

AI Summary

Can service tax credits offset import duty? Explore rules and notifications. TDS for event sponsorship in July 2010. A participant in a discussion forum inquired about utilizing accumulated service tax credits to offset import duty obligations. They sought guidance on the possibility of such an adjustment and requested relevant rules and notifications. A respondent suggested that a refund could be claimed from the department if the entity is involved in exports. Additionally, the original poster asked about tax deduction at source (TDS) requirements for sponsoring an event in July 2010, specifically questioning the applicable section and the accounting period for the transaction.