Cenvat credit
This query is : Resolved
26 July 2013
Advance paid by the service receiver to contractor under works contract service. As per ST point of taxation rule(3) Explanation the point of tax here is the date of advance payment. Under reverse charge 50% is tax will be payble by receiver and provider.
a) Weather the receiver can avail and utilise the cenvat credit for this advance payment and set off against input credit taken on another service. Because rule 3(4) Explanation of cenvat credit rules,2004 confusing me.
Please suggest
a) Weather the receiver can avail and utilise the cenvat credit for this advance payment and set off against input credit taken on another service. Because rule 3(4) Explanation of cenvat credit rules,2004 confusing me.
Please suggest
Madhukar N Hiregange
(Expert)
26 July 2013
Input credit cannot be used for payment of input service. Under reverse charge/ Joint charge the payment has tobe made in cash - adjustment of credit not allowed post 1.7.12.
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