service tax urgent as last date of return in soon.
This query is : Resolved
23 April 2009
what is difference between abatement and cenvat credit in service tax and why both them them together can not be claimed?
23 April 2009
Abatement is the beating down or lessening of debt or taxes but
Cenvat is you pay first and then get the credit of same.
So i am sure the diff is clear to you.
Cenvat is you pay first and then get the credit of same.
So i am sure the diff is clear to you.
23 April 2009
Abatement - means you are allowed some exemption for service tax on the gross amount. For Example - Gross amount is 100.00. Abatement is 40%. Then service tax is payable on Rs. 60.
CENVAT Credit - means you will allowed to deduct the input service tax on the services you have acquired to provide this service. It is same like VAT where VAT payable is Output VAT - Input VAT = VAT payable. So here you can claim the benefit of input service tax.
CENVAT Credit - means you will allowed to deduct the input service tax on the services you have acquired to provide this service. It is same like VAT where VAT payable is Output VAT - Input VAT = VAT payable. So here you can claim the benefit of input service tax.
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