Aniruddha Prakashkar (Service Tax Practitioner) (84 Points)
07 January 2015My client is building residential premises in which it takes 75% abatement.
Can he take Cenvat Credit also on
i. Input goods
ii. Input services
& thereby reduce the tax liability ?
sivakumar
(Asst Manager - F&A)
(324 Points)
Replied 08 January 2015
If he avail abatment, he can't avail CENVAT to relevent transaction.
CA Pavan Talreja
(Practicing)
(90 Points)
Replied 08 January 2015
Notification 26/2012 clearly states, No Cenvat Credit shall be taken on inputs.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 08 January 2015
If assessee opt to avail the facility of abatement, then he can not avail the cenvat credit.
AKHIL P
(Taxation)
(79 Points)
Replied 13 January 2015
Construction of residential complex with 75% and 70% abatement depends on area and amount of unit under 26/2012 clearly says no input credit on inputs.that means he can avail input credit on input services and capital goods.It is not an abatement scheme it is a compounding scheme though named as abatement scheme.....
CAclubindia
