Dear Members,
Our Co. has purchased a BMW car from a first stage dealer who is not registered under central Excise Act.
My question is "Can we set off the amount of excise paid on that car with our Co's service tax liability." (First stage dealer is not registered with exercise department.).
One thing i want to add is that we don't know the amount of service tax paid on that car. Excise amount paid by us is calculated by reverse calculation and the first stage dealer is not issuing invoice in Excise format. Is it will be legal to avail Cenvat credit calculated on reverse calculation basis.
If it is not legal, kindly tell me the procedure to set off my service tax liability with the excise duty paid on that car.
Thanks And Regards
Rubul
CAclubindia
