Dear folks,
Can a manufacturing company avail and utilise KKC credit who also provides output service by way of repair and maintanance ?
In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely : –
1. (1) These rules may be called the CENVAT Credit (Seventh Amendment) Rules, 2016.
(2) They shall come into force on 1st of June, 2016.
2. In the CENVAT Credit Rules, 2004, in rule 3,
| (a) | after sub-rule (1), the following sub-rule shall be inserted, namely :— | |
| "(1a) A provider of output service shall be allowed to take CENVAT credit of the Krishi Kalyan Cess on taxable services leviable under section 161 of the Finance Act, 2016 (28 of 2016);"; | ||
| (b) | in sub-rule (4), after the ninth proviso, the following proviso shall be inserted, namely,— | |
| "Provided also that the Cenvat credit of any duty specified in sub-rule (1) shall not be utilised for payment of Krishi Kalyan Cess leviable under section 161 of the Finance Act, 2016 (28 of 2016);"; | ||
| (c) | in sub-rule (7), |
| (i) | after the words, figures and brackets "sub-rule (1)", the words, figures and brackets ", sub-rule (1a)" shall be inserted; | |
| (ii) | after clause (c), the following clause shall be inserted, namely,— |
| "(d) | Cenvat credit in respect of Krishi Kalyan Cess on taxable services leviable under section 161 of the Finance Act, 2016 (28 of 2016) shall be utilised only towards payment of Krishi Kalyan Cess on taxable services leviable under section 161 of the Finance Act, 2016 (28 of 2016)"; |
Yes, it can utilize input KKC for payment of output KKC
Dear Madam,
Can we utilize the SBC & KKC in CENVAT Credit. Becz we are payment SBC & KKC against Transporation of Goods (GTA). One of our Senior Accoutant utilized the KKC against GTA Payment. And one more information i want to give that we have an "Manufacturing Unit". And some seniors says that we can utilized and some seniors says can not. Which is right which is wrong.... we are in confusion. I hope we get the correct answer from your end.
Waiting for reply.....
Thanking you
CTM
Karia Overseas
Ahmedabad
CA
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
View Details
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
CAclubindia
