Can any one tell me what is Thumb Rule for availment of Cenvat & Service Tax Credit , and on which type of accounts we can avail credit ?
Can any one tell me what is Thumb Rule for availment of Cenvat & Service Tax Credit , and on which type of accounts we can avail credit ?
Cenvat credit is availableon following:
1. Service tax paid on inut services received by service provider or manufacturer.
2. Excsie duty paid on inputs received within the factory
3. Excise duty paid on Capital goods received .(50% in year of receipt and balance in next year)
4. Additional excise duty paid on import of raw material.
No Cenvat credit is available on basic custome duty, Special Additional duty(Spcl. CVD)
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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