Cenvat credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
Hello All,
Can someone please tell me how to take credit of common expenses incurred while providing both taxable services and exempted service.
Can someone please tell me how to take credit of common expenses incurred while providing both taxable services and exempted service.
17 April 2012
Hi,
You can claim your credit through proportionate basis.
You can claim your credit through proportionate basis.
17 April 2012
yes, you can take credit for portion which is used for taxable services only.
18 April 2012
There are many option available for taking proportionate credit. as contained in Rule 6 of Cenvat Credit Rules, 2004
1. Take full credit of all expenses and then reverse/pay 5% of credit in respect of exempted services
2. IF separate details are available for expenses used in exempted service and that in taxable service then proportionate credit can be reduced.
1. Take full credit of all expenses and then reverse/pay 5% of credit in respect of exempted services
2. IF separate details are available for expenses used in exempted service and that in taxable service then proportionate credit can be reduced.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2012
Thanks everyone
But can you guys please tell me in detail what all different types of books and accounts required to maintain under rule 6(2).
But can you guys please tell me in detail what all different types of books and accounts required to maintain under rule 6(2).
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