Swarup (Head Finance) (25 Points)
19 February 2010Hi Experts,
I know that a Manufacturer can set off input tax credit against excise payable but my question is when I am buying the excisable Godds and thereby paying Excise Duty, Cam I claim my input service tax credit against that Excise duty.
Awaiting for early reply, Thanks in advance.
Swarup.
Pankaj Arora
(Learner)
(3134 Points)
Replied 19 February 2010
Dear Swarup
Yes, You can take Input Credit of Service Tax against Excise duty paid.
CA CS Akashdeep Singh
(Practicing CA)
(1394 Points)
Replied 19 February 2010
As per Rule 3(4) of Cenvat Credit Rules, 2004, Cenvat credit can be used against the payment of excise duty.
Cenvat credit can be utilized as per procedure given under Rule 3(1) of Cenvat Credit Rules, 2004.
Venkat M
(FCA)
(133 Points)
Replied 21 February 2010
You can avail CENVAT credit on inputs as soon as you receive them in the factory. Thus,it's not necessary to pay duty before availing CENVAT credit on inputs.
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