06 February 2016
Availment refers to assesses's entitlement to claim input tax credit.assesse is entitled to avail tax/duty credit on inputs,capital goods,and input services used for providing taxable services or manufacture of dutiable goods.Assesse must avail this credit in servicetax/excise return with in one year from the date he is eligible otherwise same will be expired.Once credit is availed it can be utilised at any time.
Utilisation means use of above cenvat credit balance for payment of output tax such as servicetax and excise duty.
CAclubindia
