Loan Services Exempt from Tax; Interest Counts in Reversal Calculation u/r 6(3A)(c) of CENVAT Credit Rules.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Reversal of proportionate credit - the services in advancing loans etc. are exempt. Therefore, the amount of interest earned in advancing of loans needs to be taken into consideration while determining the amount to be reversed in term of Rule 6(3A)(c) of the CENVAT Credit Rules, 2004.....