18 September 2012
Is it true that individual or firms having taxable turnover of less than 50 lakh (opted for payment of ST on receipt basis) can avail credit of ST paid even on the receipt of invoice i.e.even before making payment to the party?
19 September 2012
As per Rule 7 of the CCR Rules 2004 cenvat credit may be taken on invoice received provided the payment of such input service is made within three months of the date of invoice. This Rule is applicable even for individual or firms paying service tax on receipt basis.
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