Cenvat credit on free service with other paid service
This query is : Resolved
18 November 2011
My company had purchased a machine and given Carriage/Transporting the same at site. The transporter charged 4,00,000, the have provided Transit & Fire (ONE YEAR) Insurance of 70,000 as Free on cost and also the same is not mentioned in Tpt. Bill. The Insurance Cover/Policy/premium receipt shows Service Tax charged by the Insurer Company. We had not paid any single paisa separately for such Insurance but entire 4 Lacs paid against transport bill.
Please advice:-
1. whether we can avail the Cenvat credit for Service tax liability ?
2. Should the cost of Machine should be reduced by such free insurance value ?
Please advice:-
1. whether we can avail the Cenvat credit for Service tax liability ?
2. Should the cost of Machine should be reduced by such free insurance value ?
22 November 2011
Any Service tax paid on input service can be taken as credit on the condition that should be mentioned in the Bill.
02 December 2011
Thank you for your good advice.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
