cenvat credit summary


11 incentives given by Govt for promotion of digital and cashless economy

In the aftermath of the cancellation of the legal tender character of old Rs 500 and Rs 1 000 notes there has been a surge in the digital transactions through use of credit debit cards and mobile phone applications e wallets etc To further accelerate this process the Central Government has decided o

Govt waives service tax for payment made below Rs 2000 by card

Government waives service tax charged while making payments through credit card debit card charge card or any other payment card waiver limited to payments up to Rs 2 000 in a single transaction When a customer uses a credit card debit card charge card or any other payment card for payment of his pu

RBI Announces Measures to Manage Liquidity Conditions

With the withdrawal of the legal tender status of 500 and 1 000 denomination bank notes hereafter referred to as Specified Bank Notes SBNs beginning November 9 2016 there has been a surge in deposits relative to the expansion in bank credit leading to large excess liquidity in the system The magnitu

Nomination for Membership at the International Accounting Standards Board

International Accounting Standards Board IASB is seeking applications for vacancies in the Board A IASB position summary The International Accounting Standards Board is the independent standard setting body of the IFRS Foundation Members of the Board represent the best available combination of techn

Big Boost to Ease of Doing Business- Passing of Bankruptcy Code

Big Boost to Ease of Doing Business Passing of Bankruptcy Code Code is a comprehensive and systemic reform which will give a quantum leap to the functioning of the credit market and would take India from among relatively weak insolvency regimes to becoming one of the worlds best insolvency regimes V

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Experts Opinions

input credit taken from Courier bills and others

hi sir my query is about input taken from Courier bills Professional like lawyers and others professions had a service tax registration he is a paint tax but he also paid telephone bills and courier bills these bills includes service tax can professional will take the input of these bills

Cenvat credit for swachh barath cess

Dear sir I have a doubt regarding the following example invoice amount 1000 service tax 140 SBC 5 KKC 5 Total 1150 The input tax credit adjusted by customer is as follows Service tax credit 140 KKC Credit 10 They are adjusting SBC with KKC Credit is this acceptable

Cenvat credit on reassessed taxable input service

An entity has received taxable service under reverse charge mechanism for which it had self assessed the value of the taxable service to Rupees 5 00 000 Thereafter it paid service tax 15 amounting to Rupees 75 000 and had also availed cenvat credit for the same as input service The Assessing Authori

Cenvat Credit

Whether input credit of St charged on telephone charges Professional services received Amc contract of all types Legal charges Security House keeping services availed Works contract The assessee is a trust It receives rent from Hall provided for weddings

cenvat credit of service tax to builders

Can builder avail input credit of service tax if he is charging service tax on abated value 25 or 30 as the case may be


Gst input tax credit


Credit and debit note adjustments

if a vat tin holder make a sale of 1cr 5 vat on the last day of quarter so his vat liability is 5lakh which is to be payable with 15 days what if he receives a credit for 20lakh 5 vat vat amt 100000 so now his vat liability is 4 lakh how to represent this type of adjustments in quarterly returns

Service tax input credit

Suppose Output liability for Oct15 after adjusting Input Credit duringOct15 is paid after payment due date 07 11 15 even after due date for filing half yearly returns 25 04 16 will the Assessee elgible for availing adjusting Input Credit whenever the payment for Oct15 is paid Thanks

Mvat excess credit brought forward

MVAT return for Q2 of 2016 17 was filed after due date Is it possible to claim the excess credit brought forward of Q1 in such late filed return

Cenvat benefit passing on

We are a registered dealer with the Central Excise Thus far we have exclusively imported goods and passed on the CENVAT benefit CVD ADED to our customers who are also registered with C E One of our Indian customers manufacturer has importedgoods directly and for certain reasons wants to sell it off

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Input Tax Credit under GST

Introduction As we all know that GST is going to be the biggest tax reform in the country since independence A much highlighted characteristic of GST is the seamless credit flow across the nation due to which a dealer will not have to worry about the source from where he will purchase the inward sup

Decoding GST- Input tax credit of CGST, SGST AND IGST

Goods and Service Tax has brought the ray of hope of increased revenue for Government and elimination of cascading effect of multiple taxes and simple tax structure for assessees GST has now become a reality and it will finally be implemented with effect from July 1 2017 With only less than 6 months

Input Tax Credit (ITC) under GST

Introduction Input Tax Credit is the backbone of this whole GST mechanism GST is nothing but a value added tax on goods services combined It is the provisions of Input Tax Credit that make GST a value added tax i e collection of tax at all points after allowing credit for the inputs As per the Revis

Super Summary of RBI circulars of demonetization

Provision of Exchange Facility of SBN 08 11 2016 RBI 2016 2017 112 The SBN of aggregate value of 4 000 or below may be exchanged for any denomination of bank notes having legal tender character with a requisition slip in the format specified by the Reserve Bank and proof of identity Reporting Mechan

Input Tax Credit in GST Simplified Version

Input Tax Credit Input tax has been defined in section 2 57 of the MGL and section 2 1 d of the IGST Act Input tax in relation to a taxable person means the IGST and CGST in respect of CGST Act and IGST and SGST in respect of SGST Act charged on any supply of goods and or services to him which are u

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Updated on : 2/19/2017 8:07:14 PM

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