CENVAT
This query is : Resolved
13 January 2010
Please let us know the latest CENVAT Credit guidelines? How much amount Service Tax Receivable can be set-off against the Service Tax Payable? We are a Co-operative bank.Service Tax provider under BFN & BAS. Due to ambiguity in law, we have not adjusted CENVAT during this F.Y.2009-10. Can we utilise the same before 31.03.2010? Pls reply.
13 January 2010
Yes you can avail the credit later ( no time limit for availment) You can utilise the same in 2010. There is a dispute about whether interest which is outside the scope of servic etax is a non taxable or exempt service. If so then the restriction under Rule 6 (3) of the CCR would apply.
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