Cenvat credit in service tax return 1st quarter 2012

Queries 761 views 3 replies

CA Pooja

114 Points Joined September 2009

As per Rule 6(3c) of CENVAT Credit rule 2004 an NBFC is being obligated to pay an amount equal to 50% of credit availed.

1) Please let me know while filling ST-3 of an NBFC, in "CENVAT" sheet whether Credit taken on inputes will be shown as only 50% or totally 100% and whether Credit Utilised for payment of service tax will be only 50% or 100% of credit taken?

2)Also please tell me how excess Service tax paid of 1st quarter to be adjusted in 2nd quarter?

whether excess paid challan numbers of 1st quarter will also to be shown in "challan-service" sheet of 2nd quarter?

Replies (3)

CA Pooja

114 Points Joined September 2009

Waiting for your kind reply..

Pradeep Nainawati

ACA

496 Points Joined June 2009

In "CENVAT" sheet Credit taken on inputes will be shown 100% . 50% amount disallowed unde rule 6(3B) will be shown twice at following points

1) in point (c) of 5AA (Total ST inclusive Cess)

2) In point "(vi) For Payment under rule 6 (3) of the Cenvat Credit Rules ,2004 "of Credit Utilised (Only ST)

3) In point "(i) for payment of education cess and secondary and higher education cess on services:" of "Credit of education cess and secondary and higher education cess utilized " (Only E. Cess and H.E. Cess)

Yes challan no of last period is to be mentioned in the current return.