« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately «  Corporates line up service tax payments... Service tax on international roaming?... » Assocham for new set of Cenvat credit rules October, 03rd 2006 Chamber also seeks clarification on some provisions -------------------------------------------------------------------------------- The chamber has pointed out that confusion arises mostly in respect of availing Cenvat Credit on input services. -------------------------------------------------------------------------------- To take care of practical aspects of business across the country, the Associated Chambers of Commerce and Industry (Assocham) has suggested that the existing Cenvat Credit Rules 2004 should be replaced with new set of rules. In a representation submitted to the Finance Minister, Mr P. Chidambaram, the chamber has also sought clarification on some provisions of the Cenvat credit rules. Clarification The clarifications sought include those on service tax paid by a manufacturer on the transportation of final product from the place of removal and availability of Cenvat Credit of service tax paid on mobile phones. The chamber has also sought clarifications on service tax payable on various input services by a person or company which is engaged in trading and also manufacturing activities. Input services The chamber has pointed out that confusion arises mostly in respect of availing Cenvat Credit on input services. As is known, services are totally different from goods and it is not possible to apply the same law and logic, which is available to Cenvat Credit on inputs (Excise). Further, under the present law, no distinction has been made for availing and using Cenvat Credit in excise duty and service tax, the Chamber has said. In other words, same set of rules is applicable to service providers and manufacturers. Further, the present law has also not recognised the fact that the same person may be a provider of taxable and non-taxable services as well as manufacturer of dutiable and non-dutiable goods. The Chamber has, therefore, urged the Finance Minister to look in to the issue and come out with separate rules for service providers and manufacturers.