Cenvat credit

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naman (Querist)
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23 August 2011 if a manufaturer wants to take credit of service tax paid in the year 2011-12 on bank charges paid in years 2008-09-10, can he do so.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 August 2011 Input credit need to be taken with in 6 months
Ref: JV Strips v CCE(2007)218ELT252(CESTAT)
CCE v Mysore Lac 1991(52)ELT590(CEGAT)

naman

naman (Querist)
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23 August 2011 but sir there is no time limit to take input credit on input goods and capital goods b'coz act only mention subsequent years, but act is silent regarding input services.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 August 2011 Act is telling Cenvat credit can be taken immediately, there is no definition of immediate, so case law reference i given.

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