20 July 2013
My assesses purchase 1 machinary which used in services. So excise paid on these machinary is it allowed for set off against. Service tax?
21 July 2013
This is one of the benefit given to assessees. Excise assessees can adjust service tax and service tax assessees can set off cenvat provided it is used in relation to output service. Cenvat Credit is available in two installments i.e. 50% in the first year and 50% in the subsequent years.
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