Central Govt Notifies
CENVAT Credit (Third Amendment) Rules, 2014 w.e.f April 1, 2014
Amends Rule 7 pertaining to credit distribution by input service
distributor; Accordingly, service tax credit attributable to service used by
one or more units exclusively engaged in exempted goods manufacture / exempted
service rendition, shall be barred from distribution; Further, credit of
service used
wholly by a unit shall be distributed only to that unit; Pro rata
distribution of service tax credit shall be based on turnover of units using
said service during relevant period to total turnover of all its units
operational in current year, during said relevant period; As per new
Explanation 3, "relevant period" means (i) preceding financial
year, where assessee's turnover available for that year, or (ii) where
such details unavailable for some / all units , last quarter for which turnover
details of all units available (previous to month / quarter for which credit
distributed) : Finance Ministry Notification
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