in case of a bank, whether service tax paid on phone bill/audit fees is available as cenvat credit 100% or 25%.
2 Replies
Vikas
(CA)
(1135 Points)
Replied 10 October 2012
As per Rule 6(3B) of Cenvat Credit Rules, 2004, Cenvat Credit upto 50% shall not be available from the total cenvat credit availed from the inputs / input services for a banking company/Financeial institution/NBFC....
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 10 October 2012
@ captain sahab- yes sir,in both cases cenvat is admissible 100%, why there is question of 100% OR 25% ??
As per amended CENVAT Credit Rules, 2011, NBFC or Banking Co is obligated to pay an amount equal to 50% of the CENVAT Credit availed.
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