TaxTMI 
TaxTMI 
Credit of Service tax and Excise duty on Specified 16 services
04 Mar 2006 
2 Replies 
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Full credit for specified input services available despite mixed use; utilization caps limit other input credit usage.
Full credit of service tax on specified input services under sub rule (5) of the Cenvat Credit Rules is available even when those services are used for both taxable and exempt services without the need for separate records; credits on non specified input services may be taken but their utilisation against output service tax is subject to a utilization cap, with unutilised credit carried forward. (AI Summary)
Full credit of service tax on specified input services under sub rule (5) of the Cenvat Credit Rules is available even when those services are used for both taxable and exempt services without the need for separate records; credits on non specified input services may be taken but their utilisation against output service tax is subject to a utilization cap, with unutilised credit carried forward. (AI Summary)
Full credit for Specified 16 services in chepter "credit of Service tax and Excise duty" can we take full credit of specified 16 services which are utilised for both taxble and exempted serivces, if we have not maintained separate account for receipt, consumption and inventory, allthough can we take a credit?