Cenvat credit
This query is : Resolved
Shubham Garg
(Querist)
02 January 2016
If any company is in the business of trading and also providing services, can it takes credit of cenvat in respect of paying service tax on rent paid by it.
CA R SEETHARAMAN
(Expert)
02 January 2016
If the premises is used for providing taxable service then proportionate cenvat credit can be taken.
Shubham Garg
(Querist)
03 January 2016
Is distribution of credit can be on basis of area engaged in trading activity and service activities
Or
It can be on basis of turnover of trading activities and taxable services
CA R SEETHARAMAN
(Expert)
03 January 2016
Distribution of credit can be on the basis of area engaged in trading activities and service activities.
Shubham Garg
(Querist)
03 January 2016
Please indicate the respective Section or Rule No., where i can find the full details.
CA R SEETHARAMAN
(Expert)
03 January 2016
Maintain separate books of accounts for trading and services, allocating rent on the basis of space occupied. Refer Rule 6(2) of cenvat credit Rules.
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