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CENVAT Credit

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(Querist)
26 May 2008 When some services rendered by a unit are subject to Service Tax and separate accounts are not kept for each service, then how will be treatment for taking CENVAT credit? Please reply as per latest amendment of 2008.
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
26 May 2008 Take full credit.

Reverse proportionate credit(Total Credit * exempted Turnover/Total turnover)
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Ajay Gumbar

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Ajay Gumbar (Expert)
16 June 2008 Hi,

In case all the services rendered by an assessee are taxable, then there is no need to maintain separate books of accounts.

As per Rule 6 of Cenvat Credit Rules 2004, only if an assessee provides taxable and non taxable service, the question of maintainence of books of accounts applies.

If later is the case, the formula as defined in the mentioned rule applies. For further details read the rule thoroughly.

Regards,

Ajay Gumbar.
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