Credit utilization
This query is : Resolved
04 September 2013
Is the Credit of Excise and Service tax can be utilized for payment of VAT.?
CA Vijeta Verma
(Expert)
04 September 2013
No its not possible.CENVAT credit of excise and service tax are on account of duties levied by central government whereas VAT is governed by state government.
while utilsation of CCR of excise or service tax is permitted as the ultimate benificiary is central government ,this is not the case with VAT as it would be collected by state government.
while utilsation of CCR of excise or service tax is permitted as the ultimate benificiary is central government ,this is not the case with VAT as it would be collected by state government.
04 September 2013
Not Getting ur point..
Please read ur reply twice.. Sply Second para
Please read ur reply twice.. Sply Second para
04 September 2013
First you said NOT POSSIBLE..
Then you said " While it is Permitted"
Wat is ur ans ????
Then you said " While it is Permitted"
Wat is ur ans ????
CA Vijeta Verma
(Expert)
04 September 2013
Yes,I missed out some words in between.
I meant CCR of Service tax and Excise can be utilise for each other only and not for VAt.
I meant CCR of Service tax and Excise can be utilise for each other only and not for VAt.
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