Ours a manufacturing company taking cenvat credit on service tax paid on works contract services. While releasing the payment some amount retained as retention against any faulty works.(% on contract price.).
Suppose Rs 1000 is the contract price.
Billing done as:-
Basic- 1000
ST @ 10.3% 103
Please advise how much we will take credit (If we are releasing the payment 90% of contract price i:e Rs 900 )