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CBEC clarifications will help trade improve compliance
May, 16th 2011

The Central Board of Excise and Customs (CBEC) has issued a very detailed Circular (no. 943/04/2011-CX dated April 29, 2011) clarifying various issues that arose consequent to the recent amendments to the Cenvat Credit Rules, 2004.

The CBEC says trading is an exempted service and so, credit of any inputs or input services used exclusively in trading cannot be availed. Where credit is being taken for use in providing, exempted and taxable services, for calculating the value, the method normally followed by the concern for its accounting purpose as per generally accepted accounting principles should be used. All taxes for which set-off or credit is available or are refundable/refunded may not be included. Discounts are to be included.

Goods in respect of which the benefit of exemption under notification No. 1/2011-CE, dated March 1, 2011, is availed are exempted goods. Taxable services, whose part of value is exempted on the condition that no credit of inputs and input services, used for providing such taxable service, shall be taken, are exempted services. Hence credit of capital goods used exclusively in manufacture of such goods or in providing such service is not allowed, says the Circular.

For more information click below

Source: http://www.business-standard.com/india/news/cbec-clarifications-will-help-trade-improve-compliance/435707/

 
 
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