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

Service Tax - Started By: - satish kumar - Dated:- 29-4-2016 Last Replied Date:- 1-10-2016 - Assessee C provides following services: Taxable Service - Construction of Flats which are sold before completion C pays service tax @ 25% of amount billed/ received from customers after availing abatement of 75% Exempt Service - Interest from bank C receives interest from bank on fixed deposits C avails CENVAT credit on common services used for providing abovementioned taxable and exempt services. Hence, .....

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000 Covered under Negative list as per section 66D of Finance Act 1994 CENVAT Credit 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 - [10,000 + 80,000] X 25,000 = ₹ 2,778 10,000 - [10,000 + 25,000] X 25,000 = ₹ 7,143 10,000 - [10,000 + 1,00,000] X 25,000 = ₹ 2,273 A .....

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