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CENVAT CREDIT DISCLOSURE IN SERVICE TAX RETURN- PRACTICAL ASPECTS PART 2

Service Tax - By: - ashish chaudhary - Dated:- 23-10-2015 - In the previous article, we had discussed regarding availment of credit while filing of ST-3 Return. It has been very encouraging to receive large number of queries on various aspects related to service tax return filing. To continue the series, in this article we have discussed disclosure of reversal/utilisation of credit. Once eligible credit has been availed, it becomes part of a pool out of which credit can be utilised to pay output .....

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oved as such or after being partially processed; or (c) an amount equal to the CENVAT credit taken on capital goods if such capital goods are removed as such; or (d) Payment of duty on goods where process done on returned goods does not amount to manufacture; or (e) service tax on any output service Disclosure in the Returns: I3.1.3: Credit utilised: This section deals with disclosure of credit utilised for different purpose. Separate disclosure is required to be made for utilisation of credit a .....

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ed only to the extent cenvat balance as at the end of relevant month/quarter. On the other hand, if tax is required to be paid consequent to demand made by department, it can be utilised to the extent lying in the Cenvat account as on the date of utilisation. (E.g. tax liability of ₹ 1 lac pertaining to July 2014 is decided to be paid in June 2015. Closing balance of cenvat credit at the end of July 2014 was ₹ 60,000/- while balance as on June 2015 is ₹ 2 lac. If tax is paid su .....

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hould match with total of columns D2 (service tax paid by cenvat credit) and G2 (Arrear of Tax paid). Credit cannot be utilised for payment of liability arising under reverse charge/joint charge. Reversal of credit other than for the purpose of service tax payment should not be disclosed under this column. I3.1.3.2 and I3.1.3.3: For payment of Cess: Service tax credit balance can be utilised for payment of liability of education cess and secondary & higher cess. If done so, disclosure to be .....

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ance of input/capital goods removed as such or after partial use: Utilisation of credit under this head is required to be disclosed for the following purpose: Where credit taken capital goods are removed as such or after partial use, credit is required to be reversed based on period of usages (2.5% per quarter for other than computer). Sale/discarding of assets could be ascertained from fixed assets register/profit and loss account. Similarly, where credit has been taken on input which is remove .....

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discussed below: (a) Reversal of credit wrongly availed (b) Reversal of credit under Rule 6 of Cenvat Credit Rules related to exempted turnover (c) Reversal of credit on amount not paid to service provider within 3 months from the date of invoice (d) Payment of amount in respect of obsolete goods written off, partly or fully (e) Reversal of credit in respect of input/input service where refund has been claimed (f) Reversal of credit for making pre-deposit for filing of appeal (g) Reversal of cr .....

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