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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?
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Answer Posted / nishant thote
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 ? | 2 Yes | 3 No |
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