1)whether a trader in computer hardware and also providing computer repairs services can avail cenvat credit on input services (other than mentioned in rule 6(5)i.e.100% items)w.e.f.1/4/08 ?
In other words whether trading turnover will be considered in 'exempted' services turnover in the fomulae?(i.e. whether it will form of 'denominator' & numerator)
OR he will have to pay 8% on trading turnover value?
OR he will have to follow prescribed formulae for availing cenvat credit on input services?
2)Similarly whether income on interest on advances recd. by a co-op. bank will constitute 'turnover' for new rule 6 (3) provisions?whether it is to be clubbed under 'exempted' services turnover?
CAclubindia
