Legal | Product makers too can get tax credit for ads1 min read . Updated: 27 Aug 2009, 01:00 AM IST
Legal | Product makers too can get tax credit for ads
Mumbai: A Bombay high court division bench comprising justices F.I. Rebello and J.H. Bhatia on Wednesday ruled that Coca Cola India Pvt. Ltd could set off the service tax it pays on advertisements against excise duty. This effectively increases the number of services that can used to claim tax credit and will benefit all manufacturers, said Vikram Nankani, partner, Economic Laws Practice, who represented Coca Cola.
In a statement, Nankani said that manufacturers shall be eligible to avail credit in respect of the service tax paid on input services which are directly or indirectly related to the business of the manufacturer or the brand owner.