https://www.taxtmi.com/news?id=46 Assessors of works contract services must choose between an exemption threshold, a composition scheme, or regular service tax payment; this choice determines Cenvat Credit entitlement. The composition scheme disallows Cenvat Credit on inputs used in the works contract while permitting credit on input services and capital goods, whereas the regular payment route allows Cenvat Credit on inputs, input services and capital goods. Simultaneous claim of Cenvat Credit is allowed when deducting the value of goods transferred under the value determination rules. en-us Sun, 27 May 2007 17:58:00 +0530 Wed, 25 Jun 2008 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=46 Assessors of works contract services must choose between an exemption threshold, a composition scheme, or regular service tax payment; this choice determines Cenvat Credit entitlement. The composition scheme disallows Cenvat Credit on inputs used in the works contract while permitting credit on input services and capital goods, whereas the regular payment route allows Cenvat Credit on inputs, input services and capital goods. Simultaneous claim of Cenvat Credit is allowed when deducting the value of goods transferred under the value determination rules. News - Sun, 27 May 2007 17:58:00 +0530 https://www.taxtmi.com/news?id=46