can s.b cess be paid out of cenvat credit available or do we need to deposit it by cash only?
5 Replies
Niraj Kumar Sinha
(Sr. Officer, SPSIL)
(648 Points)
Replied 17 November 2015
It will be paid by Cash only.
Sonakshi Mangla
(Employee)
(310 Points)
Replied 17 November 2015
I also thought the same but could you elaborate a little how did you came to this conclusion?
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 17 November 2015
@ sonakshi
it is concluded as there is no amendment in the cenvat credit rules for the availment of cenvat credit for SBC.
Then it is generally understandable if there is no amendment , there will not be any credit available paid SBC.
SBC only must be paid thru cash only.
Thanks & Regards
Piyush Tanwar
M - 9717468521
Naveen Sharma
(Article Assistant)
(36 Points)
Replied 17 November 2015
As per the FAQ issued by the CBEC it is hereby clearify that credit of SBC is not allowed and CENVAT shall not be allowed to pay service tax.
Following are the wording used by CBEC :
SBC is not integrated in the Cenvat Credit Chain. Therefore, credit of SBC cannot be availed. Further, SBC cannot be paid by utilizing credit of any other duty or tax.
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