An 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.
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Adjustment of cenvat credit against service tax liabilty
Replies (3)
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.
50% cenvat credit will be available current year and 50% next year.
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
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