20 June 2011
no limit for such credit balance, but it should be justified with books, the source of such credit and reason for non utilization of credits, as the credits are available against taxable service provider/ taxable goods manufacturer only, so if the taxable output is less than input, the objection will come from department.
21 June 2011
There is no limit, you can keep zero balance also, if you have not any liability in month of march then all credit availed by you should be in closing balance. and it will carry forward to next year.
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