If I am registered for Service tax and Maha VAT and I buy a construction equipment (JCB) which has t be registered.
I will be buying it directly from manufacturer, not the dealer. I will be buying it against C-form and the invoice will have excise tax and CST @ 2%.
Will I get set-off for both Excise and Maha VAT (after I pay the entry tax of 10.5%, as MAHA VAT is 12.5% ).
Help required.
Dear Nishant
It is no case possible for you to take the credit of Excise against Maharashtra VAT . Excise duty bieng levied by the Central Govt and Maharshtra VAT Act by State Govt of Maharashtra.
Also the CST credit cannot be availed in any circumstances.
Regards
Akshay
Dear Nishant,
Excise charged on JCB is qualifed for Cenvat Credit upto 50% for the current year. Cenvat Credit can be utlised against Service Tax liability
Dear Nishant,
Excise charged on JCB is qualifed for Cenvat Credit upto 50% for the current year. Cenvat Credit can be utlised against Service Tax liability
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
