Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

CENVAT CREDIT

25 October 2008

Assessee is engaged in trading of goods as well as providing consultancy. How to claim CENVAT credit in respect of service tax paid on common expenses incurred such as Telephone, rent etc.having regards to recent amendment that has taken place

Reply
Follow
Share

6 Replies

S.Srinivasaraghavan (Chief Financial Officer and Co) (11318 Points)
Replied 30 October 2008

There is no other method other than directly allocating the facility themselves.

MOHIT GUPTA (SALARIED) (34 Points)
Replied 31 October 2008

i am a taxation consultant. i have a client, a pvt. ltd. co. who is a contractor. now i want to know that if any transporter charges services tax on his freight bill, can my client take the credit of this service tax.

manoj mahimkar ( C.A.) (69 Points)
Replied 01 November 2008

Originally posted by :MOHIT GUPTA

hi
i am a taxation consultant. i have a client, a pvt. ltd. co. who is a contractor. now i want to know that if any transporter charges services tax on his freight bill, can my client take the credit of this service tax.

In my opinion yes so far the service tax paid on the freight bill pertains to inputes services. It is to be noted that all the freight paid may not be input services. In other words freight incurred for transportation of finished goods to client is not an input services and conseuently service tax paid on such freight is not eligible for CENVAT credit

sudhir bhattar (CA) (0 Points)
Replied 04 November 2008

In case of banking company are taken cenven credit

what is treatment for cenven credit

EXAMPLE : COMM 2000

EXCHAGE 2000

GOVT BUSINESS 2000

INTERST 200000

SERVICE TAX PAID IN THROUGH FOLLOWING ITEMS.

TELEPHONE BILL 200

AMC 2000

ON RENT 2000

WHAT WILL BE SERVICE TAX AND HOW MUCH CREDIT WILL BE AVAIL AND UTILISED.

(Guest)

Originally posted by :Guest
"	In case of banking company are taken cenven credit what is treatment for cenven credit EXAMPLE : COMM 2000 EXCHAGE 2000 GOVT BUSINESS 2000 INTERST 200000 SERVICE TAX PAID IN THROUGH FOLLOWING ITEMS. TELEPHONE BILL 200 AMC 2000 ON RENT 2000 WHAT WILL BE SERVICE TAX AND HOW MUCH CREDIT WILL BE AVAIL AND UTILISED.	"

(Guest)

Originally posted by :Guest

Originally posted by :Guest

"
In case of banking company are taken cenven credit
what is treatment for cenven credit
EXAMPLE : COMM 2000
                      EXCHAGE 2000
                      GOVT BUSINESS 2000
                      INTERST                 200000
SERVICE TAX PAID IN THROUGH FOLLOWING ITEMS.
TELEPHONE BILL   200
AMC                               2000
ON RENT                    2000

WHAT WILL BE SERVICE TAX AND HOW MUCH CREDIT WILL BE AVAIL AND UTILISED.
"

what is reversal credit calculation