CENVAT Credit
This query is : Resolved
26 May 2008
When some services rendered by a unit are subject to Service Tax and separate accounts are not kept for each service, then how will be treatment for taking CENVAT credit? Please reply as per latest amendment of 2008.
26 May 2008
Take full credit.
Reverse proportionate credit(Total Credit * exempted Turnover/Total turnover)
Reverse proportionate credit(Total Credit * exempted Turnover/Total turnover)
16 June 2008
Hi,
In case all the services rendered by an assessee are taxable, then there is no need to maintain separate books of accounts.
As per Rule 6 of Cenvat Credit Rules 2004, only if an assessee provides taxable and non taxable service, the question of maintainence of books of accounts applies.
If later is the case, the formula as defined in the mentioned rule applies. For further details read the rule thoroughly.
Regards,
Ajay Gumbar.
In case all the services rendered by an assessee are taxable, then there is no need to maintain separate books of accounts.
As per Rule 6 of Cenvat Credit Rules 2004, only if an assessee provides taxable and non taxable service, the question of maintainence of books of accounts applies.
If later is the case, the formula as defined in the mentioned rule applies. For further details read the rule thoroughly.
Regards,
Ajay Gumbar.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
