Service tax adjustment with excise duty
This query is : Resolved
05 October 2012
Dear Experts,
our company procures manufactured products and pays excise duty on it. It Uses these products on composite works contract( material + service) and collects service tax from its client. Can service output liabilty be adjusted from excise duty( cenvat credit.???
Regards
Priyanshi
our company procures manufactured products and pays excise duty on it. It Uses these products on composite works contract( material + service) and collects service tax from its client. Can service output liabilty be adjusted from excise duty( cenvat credit.???
Regards
Priyanshi
05 October 2012
Yes it can be adjusted.
06 October 2012
As per Rule 3 of cenvat credit rules 2004 cenvat credit is allowed.
but if service tax paid on abated value than cenvat credit cant be avaled
but if service tax paid on abated value than cenvat credit cant be avaled
10 October 2012
However, Cenvat credit of input services and capital goods is available even when service tax is payable on abated value determined as per Rule 2A of the Service Tax (Determination of Value) Rules 2006.
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