Reg:cenvat credit

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Aashish (Querist)
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12 July 2013 Dear Experts,

Kindly Guide.

1. I Have insured my machinery , which raises service tax portion on bill, can i claim CENVAT on the same ?
machinery is used fr manufacturing purpose.
IF yes can u please mention sec and if poosible link too

Kindly Help

Thanks and regards
Aashish.R

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 July 2013 YES SINCE MACHINES ARE USED FOR MANUFACTURING PURPOSE U CAN AVAIL CREDIT FOR MAKING SERVICE TAX PAID.

REFER RULE RELATITNG TO CENVAT CREDIT RULES,2004.

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Aashish

Aashish (Querist)
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12 July 2013 Thank you for resolving it

ANother doubt is

Suppose today i received man power supply fr rs.1000, ST comes to 123.6, out of which 49.44 is my liability( As per reverse charge mechanism).NOw when should i deposit the amount? When can i take my cenvat?

Please help in detail

Thanks and regards
Aashish

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 July 2013 at the time of filiing ur excise return evry month.

Aashish

Aashish (Querist)
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12 July 2013 and wen can i claim my CENVAT credit

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 July 2013 While cal ur excise payment liabilty u can cliam credit for making the balance payment of credit.

Ganeshbabu K

Ganeshbabu K (Expert)
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12 July 2013 1)Please refer (RULE 7) Point of taxation in case of reverse charge.

The point of taxation in case of reverse charge is the date when the payment is made to the person providing the service But Subject to only one condition that Payment should be made with in 6 months from the date of issue of invoice

However, if payment is not made to service provider within 6 months, service tax is anyway payable. Interest is also payable @ 18% P.a.

Thanks & regards
Ganesh babu k

Ganeshbabu K

Ganeshbabu K (Expert)
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12 July 2013 Once we understood about point of taxation..

We all know that Due date to deposit service tax is liked with point of taxation means on which service tax is due as per point of taxation.

Suppose point of taxation as explained by above is is on 25th September.

Then service tax is payable on 5 th September in case of offline payment 6th September in case of Online payment.

However as per this Service tax payment can be made on quarterly basis due date to pay service tax is 5th/6th of next month after the end of each quarter.

Please note point of taxation is as per RULE 7 as clearly provided in above reply

Thanks & regards
Ganesh babu k

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