Cenvat Credit

This query is : Resolved

Owais Iqbal (Querist)
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17 July 2009 As per Rule 6 if a assessee is not maintaining separate record for taxable service and exempted service than he is required to pay an amount equal to 8% of exempted service provided.

But There is no clarification if an assesse is in the business of trading and also providing taxable service how much of input credit will be allowed to him for inputs.

Arbind Aggarwal

Arbind Aggarwal (Expert)
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24 July 2009 NO CREDIT CAN BE TAKEN FOR THAT PORTION WHICH IS ATTRIBUTABLE TO TRADING TURNOVER.

RULE 6 IS FOR TAXABLE AND EXEMPTED SERVICES NOT FOR TRADING.

TOTAL CREDIT 100
TRADING 5 LAKH
EXEMPTED 5 LAKH
TAXABLE 10 LAKH

THEN THIS CREDIT WILL BE REDUCED BY 100*5/20 THEN RULE 6 WILL BE APPLIED FOR THE BALANCE CREDIT OF 75.

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