Service tax - cenvat credit on capital contribution

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2012 If a Company imports an asset, pays custom duty on it and then contributes it as his Capital Contribution as a Partner in a newly formed LLP - is the CENVAT input available by the LLP. The Company neither depreciated nor availed CENVAT on it.

Maninder Jain

Maninder Jain (Expert)
Follow

05 January 2012 The company who is importing the asset will first avail the cenvat & then send this to LLP on F3 challan. This way LLP can take cenvat credit

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2012 Can you pls let me know what an F3 Chalan is and whether doing as you have mentioned can be litigated by the Department

Upgrade to CAclubindia Pro. Subscribe Now!