CENVAT Credit on Insurance Charges
This query is : Resolved
19 December 2009
Can CENVAT credit be availed on the input tax paid on insurance charges of a motor vehicle when the value of insurance is capitalized? If we don't capitalise service tax portion on the insurance charges, can it be availed as input credit? Somebody please help with your valuable advices.
19 December 2009
In case it may be justified that motor vehicle is used in or in relation to manufacture activity or used in providing output service, the credit may be taken.
21 December 2009
21 December 2009
For capital goods such portion of excise cannot be taken which has been capitalised and depreciation claimed. Is that provision applicable in case of service tax on the first year insurance charges which has been capitalised with the asset? Can the credit be availed if we do not capitalise the value of service tax on insurance charges and refrain from availing depreciation on service tax value?
24 December 2009
If not capitalised then the same can be availed in my view as longas the motor car is used for business.
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