Please Help: service tax input
Posted Date : 15-Apr-2014 , 10:00:54 pm | Posted By Babita
As per rule 6(3B) of CCR 2004, bank has to reverse 50% of cenvat taken in a relevant month.
Is this applies input taken on capital goods also?
Kindly quote the relevant rule and try to reply ASAP.
Thanks in advance
Is this applies input taken on capital goods also?
Kindly quote the relevant rule and try to reply ASAP.
Thanks in advance
Category : Service Tax | Answers : 0 | Comments : 1 | Hits : 238
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SARTHAK JAIN
16-Apr-2014 , 11:29:32 pmNo,rule 6(3B) do not take into its ambit input on capital goods. I applies to only inputs and input service. You may refer rule 6(3B) itself for such clarity, which is reproduced here as - "[(3B) Notwithstanding anything contained in sub-rules (1), (2) and (3), a banking company and a financial institution including a non-banking financial company, [engaged in providing services by way of extending deposits, loans or advances], shall pay for every month an amount equal to fifty per cent. of the CENVAT credit availed on inputs and input services in that month."