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Having discussed on the disclosure of availment and utilization of credit in previous two articles, we shall move on to examining applicability of Rule 6 of Cenvat Credit Rules to a service provider and its disclosure in the Return.   

In any value added tax system, credit of tax paid at input stage is eligible for adjustment against output liability. Cenvat credit rules have also been formulated based on the same principles (though have been made very complicated). One can...

In the previous article, we had discussed regarding availment of credit while filing of ST3 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 liability. There is no correlation required...

Self assessment under service tax has been started in the year 2001. In any self assessement taxation system, the onus is on the assessee to make true disclosure of all statutory information required to be disclosed. Non/wrong disclosure of any material information could result in allegation of suppression or deliberate wrong disclosure which may result in invocation of larger period of 5 years along with imposition of penalty which now has become mandatory. Apart, this could result...

Ready Mix Concrete (RMC) is being off late used often in the construction industry, which reduces the time and also the cost effective, before the concept of RMC there concrete mix was prepared in the site of construction and was used there. With the robust system of RMC, may of the contractor and builders are installing a captive RMC plant within the site. All such contractors/builders are claiming exemption from payment of excise duty vide notification 12/2012-CE dated 01.03.2012 vide Sl....