Centvat credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2012
How to calculate Centvat credit against servise tax payable by service provider
RENGARAJ R.K
(Expert)
30 July 2012
First of all please check up the eligibility as to whether cenvat credit taken by you on services & goods are in relation to the output tax i.e service tax payable by the service provider.
Next, whether your unit is doing any non-excisable or exempted services other than the taxable one. If not, you can take credit and avail the entire credit while paying the out put tax.
E.g Cenvat credit : Rs.1200.00
Cess : Rs. 360.00
Cenvat output tax : Rs2500.00
Cess : Rs. 750.00
Less: cenvat (-)Rs.1560.00
Payment = Rs.1690.00
Next, whether your unit is doing any non-excisable or exempted services other than the taxable one. If not, you can take credit and avail the entire credit while paying the out put tax.
E.g Cenvat credit : Rs.1200.00
Cess : Rs. 360.00
Cenvat output tax : Rs2500.00
Cess : Rs. 750.00
Less: cenvat (-)Rs.1560.00
Payment = Rs.1690.00
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