TaxTMI 
TaxTMI 
Reversal of credit
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....eversal of credit<br> Query (Issue) Started By: - Penumerthy Muralikrishna Dated:- 12-11-2009 Last Reply Date:- 16-11-2009 Service Tax<br>Got 1 Reply<br>Service Tax<br>(1) A SERVICE PROVIDER availes 5....
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....0% credit last FY, reaining 50% credit this FY on a C.G.. (2) He utilised full credit (by paying ST) in this FY (3) He closes his bussiness, surrenders RC certificate (4) His C.G. is now being utilise....
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....d by another service provider Q:- What will be the revenue implication, whether credit already aviled is required to be reversed? Reply By Mukesh Kumar: The Reply: Your query need further details and....
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.... detailed analysis. What is the status after surrender. Since he has closed the business, whether the machinery has been sold or business as such transferred. See rule 10 of CCR regarding transfer of ....
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....cenvat credit. If you are not entitled to transfer of credit as per rule 10 and sold the machinery, indeed, there is a mandatory requirement of reversal of cenvat credit on capital goods.<br> Discussi....
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....on Forum - Knowledge Sharing ....