Work contracts and cenvat credit
This query is : Resolved
Nishu Jain
(Querist)
25 May 2013
I am confused about the notification 24/2012 which says in its Explanation 2 that the Service Provider can not get CENVAT Credit. Wheather this explanation is regarding option 2 (abatement Value) or option 1 (Service portion only).
Moreover,is there anything different in Reverse Charge Mechanism w.r.t. work contract i.e. POT, raising of Invoice, Cenvat Credit, refunds etc. or all these process are same for Work Contract also as other services in RCM
Moreover,is there anything different in Reverse Charge Mechanism w.r.t. work contract i.e. POT, raising of Invoice, Cenvat Credit, refunds etc. or all these process are same for Work Contract also as other services in RCM
Naresh Kansala
(Expert)
25 May 2013
Explanation 2 provided in notification no. 24/2012 is only for subsection(ii) of section 2A i.e. when an assessee go for option 2 (take 40%, 60% or 70% value of gross amount charged for tax payment) they shall not take the credit of CENVAT paid on inputs.
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