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Reversal of Cenvat credit under rule 6(3A) of Cenvat credit rules 2004 2/3

Service Tax - Started By: - satish kumar - Dated:- 29-4-2016 Last Replied Date:- 1-2-2017 - Assessee B provides following services: Taxable Service - Supply of food in Restaurant B pays service tax @ 40% of amount billed/ received from customers after availing abatement of 60% Exempt Service - Interest from bank B receives interest from bank on fixed deposits B avails CENVAT credit on common services used for providing abovementioned taxable and exempt services. Hence, B needs to reverse proport .....

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it availed on Common services ₹ 25,000 Formula for reversal of CENVAT credit on Common services Exempt Services provided - X [ Cenvat Credit availed on Common (Exempt services provided + Services ] Taxable services provided) Cenvat credit to be reversed 10,000 - X 25,000 [10,000 + 1,00,000] = ₹ 2,273 10,000 - X 25,000 [10,000 + 40,000] = ₹ 5,000 According to section 65B(51), taxable service means any service on which service tax is leviable under section 66B Which option is cor .....

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