Mythili (Completed B com and pursuing CS Inter) (68 Points)
03 December 2012An assesse ,carrying on the business of letting out of generators.Central excise duty paid by him while purchasing generator , whether the 50% of CENVAT credit be adjusted against service tax liability arising out of hire charges. kindly reply me..thanks in advance.
praveen
(Chartered Accountant)
(6971 Points)
Replied 03 December 2012
I am not an expert myself in this matter.
But my general understanding is that you can claim the cenvat credit in two installments
0-50% in the first year balance in the next year.
Arun Kumar Singh
(GST Advocate)
(15203 Points)
Replied 04 December 2012
50% cenvat credit will be available current year and 50% next year.
Rakshit
(practising)
(338 Points)
Replied 05 December 2012
Cenvat credit on c.goods can be taken outo 50% in the first financial year. Such credit can be utilised towards liability of service tax on hiring charges. pl. refer rule 3(4) of the Cenvat Credit Rules in this regard
Raksh*t, advrcverma @ gmail.com
09810525780
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
