TaxTMI 
TaxTMI 
In view of notification no.10/2008 dt 1-3-08,restiction of 20% on use of CENVAT credit goes away (wef. 01-04-08), now either pay 8% 0f exempted service or revese the credit attributable to exempted service. In this case, are we still entitled to claim full credit of 16 services given in sub-rule(5) of rule 6 of e Cenvat Credit Rule.
Credit of Service tax
sunil jain
Notification No. 10/2008 Removes 20% Restriction, Full CENVAT Credit Under Rule 6(5) Still Claimable A query was raised regarding the impact of notification no. 10/2008, effective from April 1, 2008, on the use of CENVAT credit, specifically the removal of the 20% restriction. The question was whether full credit for 16 specified services under sub-rule (5) of rule 6 of the Cenvat Credit Rules could still be claimed. The response indicated that as long as the rule remains in the statute without express restrictions, full credit for these services can continue to be availed even after the notification's effective date. (AI Summary)