Nagesh M R (Service) (113 Points)
17 September 2009Hi,
The Company "A" purchasing Company "B" under slump sale agreement.
Company "B" is showing unadjusted Service Tax input amount around 10 lakhs in its books.
At the time of purchasing by company "A", whether service tax input amount can be shown in same heading or not.
If yes or no, in which notification it is mentioned.
Regards,
Nagesh M R
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 21 September 2009
IF THE "B" COMPANY IS MAKING BUSINESS WITH SAME TRADE LICENSE AND SAME PAN CARD I THINK THERE IS NO PROBLEM.
IF THE "B" COMPANY IS DILUTED THE OPPERTUNITY WILL NOT BE FAVOURABLE
Nagesh M R
(Service)
(113 Points)
Replied 22 September 2009
Dear Sir,
Though this is a group company, working in different trade and different PAN Number.
Please reply
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 28 September 2009
| Originally posted by :Nagesh M R | ||
| " | Hi, The Company "A" purchasing Company "B" under slump sale agreement. Company "B" is showing unadjusted Service Tax input amount around 10 lakhs in its books. At the time of purchasing by company "A", whether service tax input amount can be shown in same heading or not. If yes or no, in which notification it is mentioned. Regards, Nagesh M R |
" |
PLEASE GO THROUG THE CENVAT CREDIT RULE 2004 - RULE 10
TRANSFER OF CENVAT CREDIT
(1) If a manufacturer of the final products shifts his factory to another site or the factory is transferred on account of change in ownership or on account of sale, merger, amalgamation, lease or transfer of the factory to a joint venture with the specific provision for transfer of liabilities of such factory, then, the manufacturer shall be allowed to transfer the CENVAT credit lying unutilized in his accounts to such transferred, sold, merged, leased or amalgamated factory.
(2) If a provider of output service shifts or transfers his business on account of change in ownership or on account of sale, merger, amalgamation, lease or transfer of the business to a joint venture with the specific provision for transfer of liabilities of such business, then, the provider of output service shall be allowed to transfer the CENVAT credit lying unutilized in his accounts to such transferred, sold, merged, leased or amalgamated business.
(3) The transfer of the CENVAT credit under sub-rules (1) and (2) shall be allowed only if the stock of inputs as such or in process, or the capital goods is also transferred along with the factory or business premises to the new site or ownership and the inputs, or capital goods, on which credit has been availed of are duly accounted for to the satisfaction of the Deputy Commissioner of Central Excise or, as the case may be, the Assistant Commissioner of Central Excise.
HOPE YOU CAN FIND YOUR SOLUTION
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