Cenvat credit rule 7 query
This query is : Resolved
Naveen Jain
(Querist)
27 January 2016
Please refer the circular and then ans my q
https://indiabudget.nic.in/budget2014-2015/ub2014-15/cen/cirst178414.pdf
In the example given of distribution of credit among A B C & D, credit has been distributed to Unit C which is "exclusively" engaged in providing exempted services.
But in Rule 7 it is mentioned that "Credit of service tax attributable to service used in a unit exclusively engaged in manufacture of exempted goods or providing of exempted services shall not be distributed"
Then why credit is distributed to C?
https://indiabudget.nic.in/budget2014-2015/ub2014-15/cen/cirst178414.pdf
In the example given of distribution of credit among A B C & D, credit has been distributed to Unit C which is "exclusively" engaged in providing exempted services.
But in Rule 7 it is mentioned that "Credit of service tax attributable to service used in a unit exclusively engaged in manufacture of exempted goods or providing of exempted services shall not be distributed"
Then why credit is distributed to C?
10 March 2016
Please note in Budget 2015 Rule 7 has been amended..
With respect to old provision ..credit is distributed to C since that much credit is not eligible ..
With respect to old provision ..credit is distributed to C since that much credit is not eligible ..
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
