Exemption from cpt

upender singh

No. Till now CPT is mandatory for everyone.

Draft Notification dated 23.02.2012, issued by ICAI (waiting for final approval) proposed the following:

1. Any graduate or post graduate shall be exempted from passing the Common Proficiency Test under this regulation if such person is a -

(i)  graduate or post graduate in commerce having secured in aggregate a minimum of fifty-five per cent. of the total marks or its equivalent grade in the examination conducted by any recognized University (including Open University) by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting; or

(ii) Graduates or post graduates other than those referred to in clause (i), having secured in aggregate a minimum of sixty per cent. of the total marks or its equivalent grade in the examination conducted by any recognized University (including Open University);

(B) Any candidate who has passed the Intermediate examination conducted by the Institute of Cost and Works Accountants of India by the Institute of Company Secretaries of India shall also be exempted from passing the Common Proficiency Test under this regulation.

Explanation.- For the purpose of sub-regulations (1A) and (1B),-

(i) for calculating the percentage of marks, the marks secured in subjects in which a person is required by the University (including open University) to obtain only pass marks and for which no special credit is given for higher marks, shall be ignored; and

(ii) any fraction of half or more shall be rounded up to the next whole number.”

Thanks

 Dear Subhajit,

I think the service is that of rent - a - cab. (As you have mentioned service tax of 4%)

If the service is classified by the service provider as rent a cab service, then you cannot avail the credit, because rent a cab service is specifically excluded from the definition of input service.

Likewise, tour operator service is also not eligible for CENVAT Credit.