Cenvat credit
This query is : Resolved
28 December 2012
kindly some one guide me about the recent implication of Service tax on "Construction of Residential Complex" and recent notification implication about Cenvat Credit.
Eg:one of my client is Builder and they are constructing residential complex, they charge service tax to their buyer at 25% say cheque recd Rs.1000000 they collected service tax Rs.30900.They pay labour charges on which service tax Rs.24720.
what would be liability Rs.6180 (30900-24720)
or Rs.30900
will cenvat credit will be allowed?????
and any other credit can be taken with notification
Eg:one of my client is Builder and they are constructing residential complex, they charge service tax to their buyer at 25% say cheque recd Rs.1000000 they collected service tax Rs.30900.They pay labour charges on which service tax Rs.24720.
what would be liability Rs.6180 (30900-24720)
or Rs.30900
will cenvat credit will be allowed?????
and any other credit can be taken with notification
28 December 2012
AS per Notification no 26/2012-ST dated 20.06.2012 CENVAT Credit of input services and capital goods shall be available. Hence , cenvat available.
28 December 2012
can we claim abatement of 75% in value of constructed complex plus cenvat credit both at same time when we are calculating our liability????????????
28 December 2012
Yes. This is new welcome change by Budget 2012. Effective from 01.07.2012
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