19 May 2010
Our main business is copper rod manufacturing but we also trading copper and other maetals through mcx broker and broker charged brokerage and service tax on brokerage can we take cenvat of service tax paid to brokerage as somone told us we can take cenvat of service tax relating to trading of copper not other metals
20 May 2010
Circular No.: MCX/FIN-ACCT/182/2008 May 24, 2008
In terms of the provisions of the Rules, Bye-Laws and Business Rules of the Exchange, the Members of the Exchange are notified as under:
The Finance Act, 2008 has brought services provided by Commodity Exchanges into service tax net as a separate service. In terms of notification no. 18/2008 dated May 10, 2008 issued by Ministry of Finance, the service tax shall be applicable w. e. f. May 16, 2008.
Therefore, various charges levied by the Exchange will be subject to service tax w. e. f. May 16, 2008 at the rates notified by the Government from time to time (currently @ 12.36%).
The Invoice raised by the Exchange contains Service Tax Registration No, Description of Services, etc. so as to enable the member to have benefit of CENVAT credit.
22 May 2010
Dear Vinodji,as you have writen that member to have benefit of cenvat credit as we are not member. we are a company which is in the business of copper rod manufacuring
CAclubindia
