CENVAT CREDIT
This query is : Resolved
GAURAV KAWATRA
(Querist)
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
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
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
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
(Expert)
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.
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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