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Q. > Please Help: cenvat credit of Service tax on R & D
can we utilize the credit of Service tax on R & D to pay other unit liability in case at the time of booking the Registrationn of R & D & other unit was not centralized but now we are movinf towards centralized registration
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Comments
Bhavya
26-May-2014 , 12:23:11 pm1. You must be registerd as manufacturer as per the defenation of service distributor. 2. distribution of credit is possible based on the Conditions: Rule 7of CENVAT Credit Rules, 2004 deals with distribution of credit by Input Service Distributor. The Input Service Provider can distribute the service tax paid by it subject to the following conditions: i. The credit distributed shall not exceed the amount of service tax paid by it. (Is it possible to distribute more than the credit availed?) ii. The credit of service tax attributable to service used in a unit exclusively engaged in manufacture of exempted goods or providing of exempted services shall not be distributed. It is important to note that there is no requirement to distribute the credit proportionately. The Input Service Distributor can distribute to various units as the circumstances warrants. There is no rule regarding periodicity of distribution and it is advisable to distribute monthly For more info http://www.taxmann.com/datafolder/Flash/flashart22-9-09_4.htm