Rakesh Patel (ACCOUNTANT) (109 Points)
24 February 2012sir,
i am purchase machinery with excise invoice.
can i cenvat credit this excise amt against service tax payable.
and also i purchase this machinery's parts from other menufacture with excise, can i clame this excise for cenvat credit against service tax?
thanking you
Jitendra Vyas
(Commercial Officer)
(178 Points)
Replied 24 February 2012
Yes you can claim for CENVAT Credit as per CENVAT Credit Rules 2004
Mallikharjun
(Deputy Manager)
(304 Points)
Replied 24 February 2012
You can adjust cenvat credit against service tax except for payment of GTA. i.e., under reverse charge mechanism.
CA.B.Sivakumar
(-)
(162 Points)
Replied 24 February 2012
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 25 February 2012
All above Opinions are Correct.
Addition to CA Sivakumar's opinion...
50% Credit in Current year, rest in the next year.
If you are an SSI unit, 100% credit in this year is available.
In case of parts & accessories, 100% credit can be claimed.
Regards,
Prateek
SUNIL
(ACCOUTANT)
(167 Points)
Replied 25 February 2012
yes it is availiable 50% current year and 50% next year.
Anvesh Desai
(Chartered Accountant)
(156 Points)
Replied 26 February 2012
| Originally posted by : CA.B.Sivakumar | ||
 |
yes. U can avail. 50% in current yr and balance in next year. |
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