The CENVAT Credit Rules of 2004 refers to the set-off available to manufacturers if they utilise some specific inputs procured by them after paying excise duties for manufacturing their products.
The top court's significant verdict held that mobile service providers are also covered under the CENVAT credit rules as they pay excise duties on various items for setting up their business more particularly for erection of mobile towers and peripherals like pre-fabricated buildings (PFBS).
A bench of Justices B V Nagarathna and N Kotiswar Singh settled a decade-old dispute which arose after the Bombay High Court order of 2014 which held that the mobile service providers (MSPs) were not entitled to claim CENVAT credit on mobile towers and prefabricated buildings.
This story is from the November 21, 2024 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 21, 2024 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Team India retains women's ACT hockey title with win over China
Young striker Deepika turned out to be the star once again with a fine reverse hit goal as India retained their women's Asian Champions Trophy title after edging past Olympic silver medallist China 1-0 in a pulsating final here Wednesday.
Aryan to debut as director with Netflix series
The upcoming web series will be released in 2025
Abhijit Majumder assumes charge as Director (Finance) of Oil India Limited
Abhijit Majumder assumed charge as Director (Finance) on the Board of Oil India Limited (OIL) on November 20, 2024. He succeeded Harish Madhav who superannuated from the company on June 30, 2024.
Apple India net profit up 23% to Rs 2,746 cr in FY24
iPhone maker Apple India posted a 23 per cent increase in net profit to Rs 2,745.7 crore in the financial year 2023-24, according to a company's regulatory filing shared by Tofler.
India joins Russia on concerns over plastic trade rules at WTO
India has joined Russia to raise a concern regarding potential conflicts between future global rules on trade in plastics products and WTO norms, an official said on Wednesday.
Centre revises incentive scheme for directors, senior executives of PSBs
The eligibility of banks for the scheme will be assessed by a governmentappointed committee
SC: Telecos can claim tax credit for excise duties paid on towers, infra
In a relief to mobile service providers, the Supreme Court on Wednesday held that the telecom companies can take the benefit of CENVAT credit for payment of service tax on the output services rendered by them.
Inform passengers on flight delays: Aviation Min to airlines
Civil Aviation Minister K Rammohan Naidu on Wednesday held a review meeting with various stakeholders on fog preparedness and asked airlines to proactively inform passengers about flight delays as well as ensure check-in counters are fully staffed to help minimise travel disruptions.
'Israel kills 36 people in Syria'
Syria's state-run media said a strike on the country's historic town of Palmyra on Wednesday killed 36 people and wounded more than 50, an attack that Damascus has blamed on Israel.
US vetoes UN resolution seeking ceasefire in Gaza
Because there’s no link to hostage release
