CENVAT CREDIT

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GAURAV KAWATRA (Querist)
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25 July 2011 DEAR ALL

I WANT TO KNOW THAT WE ARE PAYING SERVICE TAX ON PROFESSION SERVICE CAN WE TAKE CENVAT CREDIT FOR SERVICE TAX PAID TO PROFESSIONAL AND IF THERE IS ANY FORMULA TO CALCULATE THE CENVAT KINDLY SUGGEST ME.

OUR OUTPUT SERVICE IS DIFFER FROM THE INPUT SERVICE WE RECIEVE.

LIKE WE PAY THE SERVICE TAX ON THE INVOICE OF OUR COMPANY AUDITOR CAN WE CLAIM THE CENVAT CREDIT FOR THE SAME.

PLS SUGGEST ME AS EARLY AS POSSIBLE

WITH REGARDS

GAURAV KWATRA

Dayal

Dayal (Expert)
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26 July 2011 There is no restriction on Cenvat Credit, so long you establish its utility against the services provided and goods manufactured.

Your services has to be taxable and your goods also to be excisable.

There is no one to one corelation, however services in relation to employee welfare, such as sodexo coupons, canteen services fall in the negative list

Madhukar N Hiregange

Madhukar N Hiregange (Expert)
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26 July 2011 Please read the cenvat credit rules formore clarity.
The input services used in provding the output taxable services would be eligible. Where you also provide any exempt services or do trading etc, the restriction under Rule 6(3) would apply.

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