Cess @ 5% on Royalty - Can be taken Cenvat credit ?
This query is : Resolved
CA. Shwetank Vats
(Querist)
05 November 2010
We have deposit Cess @ 5% on Royalty to RBI and balance @ 5.30% as service tax (Total 10.3% service tax on Royalry i.e. IPR)
And We have taken credit service Tax 5.3%.
My Q is :
Can we taken cenvat credit of Cess @ 5% ?
And We have taken credit service Tax 5.3%.
My Q is :
Can we taken cenvat credit of Cess @ 5% ?
sachin alwadhi
(Expert)
05 November 2010
no,it is a part of ur cost.
08 November 2010
Try this. Don't set off the Cess. Pay 10.3% ST and avail full credit.
CA Gunjan H Shah
(Expert)
31 December 2010
This is one area where u have to bear R&D Cess on your own. Payment for cess is not allowed as credit under Cenvat Credit Rules 2004.
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