Input credit availment
This query is : Resolved
14 March 2009
In case of input credit availment, is there any option of availing input credit at the ratio of taxable and non taxable?
If yes then how it is computed?
The ratio percentage is applied to output service tax payable amount or input credit avaible amount?
Also how is the same settled / claim...etc??
Please advice it is very urgent....
If yes then how it is computed?
The ratio percentage is applied to output service tax payable amount or input credit avaible amount?
Also how is the same settled / claim...etc??
Please advice it is very urgent....
15 March 2009
In case of input credit availment, is there any option of availing input credit at the ratio of taxable and non taxable?
If yes then how it is computed?
The ratio percentage is applied to output service tax payable amount or input credit avaible amount?
Also how is the same settled / claim...etc??
Please advice it is very urgent....
If yes then how it is computed?
The ratio percentage is applied to output service tax payable amount or input credit avaible amount?
Also how is the same settled / claim...etc??
Please advice it is very urgent....
23 March 2009
The board has stipulated the procedure for the said enquiry.
1 Value of clearances of exempted goods during 2007-2008 Rs.50,00,000
2 Value of clearances of dutiable goods during 2007-2008 Rs.1,50,00,000
3 Value of exempted services rendered during 2007-2008 Rs.25,00,000
4 Value of taxable services rendered during 2007-2008 Rs.75,00,000
5 Input credit attributable to the inputs consumed in the manufacture and of exempted goods, made during April 2008. This should be calculated with reference to the actual quantity of inputs thus consumed. No formula has been prescribed for this purpose and this has to be quantified on the basis of input / output ratio and the records maintained. Let us assume this to be Rs. 1,00,000 (A)
6 Input credit attributable to the exempted services rendered during April 2008 Rs.25,00,000 (B)
------------------ X Rs.9,00,000 (D)
Rs.1,50,00,000 + Rs.25,00,000 + Rs.75,00,000 =
Rs.2,50,00,000
(C)
Rs.90,000
7 Input services credit attributable to the manufacture of exempted goods and rendering of exempted services, during April 2008. Rs.25,00,000 +
Rs.50,00,000 (E)
------------------ X Rs.5,00,000
Rs.25,00,000 +
Rs.75,00,000 +
Rs.50,00,000 +
Rs.1,50,00,000
(F)
Rs.1,25,,000
1 Value of clearances of exempted goods during 2007-2008 Rs.50,00,000
2 Value of clearances of dutiable goods during 2007-2008 Rs.1,50,00,000
3 Value of exempted services rendered during 2007-2008 Rs.25,00,000
4 Value of taxable services rendered during 2007-2008 Rs.75,00,000
5 Input credit attributable to the inputs consumed in the manufacture and of exempted goods, made during April 2008. This should be calculated with reference to the actual quantity of inputs thus consumed. No formula has been prescribed for this purpose and this has to be quantified on the basis of input / output ratio and the records maintained. Let us assume this to be Rs. 1,00,000 (A)
6 Input credit attributable to the exempted services rendered during April 2008 Rs.25,00,000 (B)
------------------ X Rs.9,00,000 (D)
Rs.1,50,00,000 + Rs.25,00,000 + Rs.75,00,000 =
Rs.2,50,00,000
(C)
Rs.90,000
7 Input services credit attributable to the manufacture of exempted goods and rendering of exempted services, during April 2008. Rs.25,00,000 +
Rs.50,00,000 (E)
------------------ X Rs.5,00,000
Rs.25,00,000 +
Rs.75,00,000 +
Rs.50,00,000 +
Rs.1,50,00,000
(F)
Rs.1,25,,000
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Import license renewal
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- 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
Trending Online Classes
CAclubindia
