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Categories  >>  Accounting  >>  Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions
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 Taxation interview questions  Taxation Interview Questions
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Question 
If a contractor received the service tax amount from client 
and he also purchase the machinary which is used in 
construction, than can he adjusted of service tax amount to 
excise duty amount of machinary?
 Question Submitted By :: Sbsingh
I also faced this Question!!     Rank Answer Posted By  
 
  Re: If a contractor received the service tax amount from client and he also purchase the machinary which is used in construction, than can he adjusted of service tax amount to excise duty amount of machinary?
Answer
# 1		 
Yes, definately. As per CENVAT credit rules this can be
done. For utilising the credit of excise duty for machinery
i.e. capital asset, for the first year one can utilise 50%
of credit for payment of service tax or excise duty.
 
Is This Answer Correct ?    1 Yes 0 No
Nishant Thote
 

 
 
 
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