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Cenvat credit of service tax

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(Querist)
16 October 2008 Whether a company engaged in the business of consumer finance (Giving retail loans)can claim Cenvat credit in respect of service tax paid on Brokerage on sale of shares of other company on the stock exchange.So whether such brokerage comes within the definition of Input service as defined under Cenvat Credit Rules 2004.
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
16 October 2008 In my opinion, Cenvat credit of service tax paid on input service can be utilised if such input service is used in or in relation to the output service provided.

Here, in ur case, since there is no relation between brokerage service and consumer finance service,i believe it is not possible to claim the credit
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 October 2008 I also support the view of Mr. Shailesh.
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Taxguy

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Taxguy (Expert)
16 October 2008
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