Recently we had purchased a generator for an amount of Rs. 16,54,500/-. In this bill we have paid Excise Duty @ 10.3% ie., Rs.1,54,500/-. so shall we take cenvat credit for Excise Duty portion while paying service tax to the govenment.
And neither we don't have any excise duty registration nor excise duty payable amount.
14 April 2011
As per Rule 3(1)of CCR,2004 U Can Utilise this Credit for Payment of Service tax Payable.
BED ----- 1.5 Lacs/2 = 75,000 Can be Utilised in First Year Except if u are Selling Gen. in the First Yr Only. (Rule 4)
Remember U Must Have Excise Invoice , For Claiming This Credit U Need not be Registered in Excise but u must be Registered Under ST as per R.6 of Service Tax Rules.
CAclubindia
