Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT Audit :: empanelment :: TDS :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: cpt
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

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.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions