Service Tax Credit
This query is : Resolved
04 November 2009
On which Services, Service Tax Credit is available in case of a manufacturing Co.?
CA SANJAY MUKHERJEE
(Expert)
04 November 2009
The definition of input service as per Cenvat Credit Rules, 2004, is an expansive definition and includes any service used by the manufacturer, whether directly or indirectly, in or in relation to the manufacture of final products.
04 November 2009
Theres always a problem of taking wrong credit on a particular Service and we have to pay penalty on the same. So, how to keep a track whether we have taken the right credit or not?
Theres always a problem of taking wrong credit on a particular Service and we have to pay penalty on the same. So, how to keep a track whether we have taken the right credit or not?
Sandeep Goyal
(Expert)
04 November 2009
It can be identified with ref to service provider's details. As for service tax credit, invoice wise detials needs to be maintained, from that list, such kind of services (suppliers wise) can be eliminated before taking final credit.
04 November 2009
Whether in the Invoice its specifically written that for that particular service credit is available or not?
Whether in the Invoice its specifically written that for that particular service credit is available or not?
04 November 2009
Whether in the Invoice its specifically written that for that particular service credit is available or not?
04 November 2009
For a manufacturer,
Input service used whether directly or indirectly, in or in relation to the manufacture of final products and clearance of final products up to the place of removal and includes services used in relation to -
setting up
modernization
renovation or repairs of a factory, premises
advertisement or sales promotion,
market research,
storage up to the place of removal,
procurement of inputs,
activities relationg to business, such as accounting, auditing, financing, recruitment and quality control, coaching and training, computer networking, credit rating, share regisrty and security,
inwards transportation of inputs or capital goods and outwards transortation up to the place of removal.
Input service used whether directly or indirectly, in or in relation to the manufacture of final products and clearance of final products up to the place of removal and includes services used in relation to -
setting up
modernization
renovation or repairs of a factory, premises
advertisement or sales promotion,
market research,
storage up to the place of removal,
procurement of inputs,
activities relationg to business, such as accounting, auditing, financing, recruitment and quality control, coaching and training, computer networking, credit rating, share regisrty and security,
inwards transportation of inputs or capital goods and outwards transortation up to the place of removal.
04 November 2009
Thanks for your Guidance. One more thing i would like to ask... Whether the above list is the Exclusive one and if Yes then whether the same is latest updated one?
Thanks for your Guidance. One more thing i would like to ask... Whether the above list is the Exclusive one and if Yes then whether the same is latest updated one?
04 November 2009
Please carefully go through these wordings
"Input service used whether directly or indirectly, in or in relation to the manufacture of final products and clearance of final products up to the place of removal"
It will cover every thing.
"Input service used whether directly or indirectly, in or in relation to the manufacture of final products and clearance of final products up to the place of removal"
It will cover every thing.
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