Input tax credit

This query is : Resolved

GANGADHARAN (Querist)
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11 May 2012 Sirs:
We have remitted the service tax as on 31.03.2012. After this we have received invoices from our service providers wherein we are yet to take the input tax credit. Can we adjust this against April or May month's service tax liability? We have already filed 1/2 yearly return. Can we do revised return with this input tax credit and adjust with current years 12.36% service tax?

CA Vibhash Kumar Sah

CA Vibhash Kumar Sah (Expert)
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11 May 2012 Yes..u can always take the service tax input credit of earlier years.... different case laws suggest that Input Credit should be taken in reasonal time which can be construed at least one year (though practically there is no time limit for availing Input Credit). There is no need to revise the return for half year ending on 31.03.2012 and u can take the inout credit in current year i.e. 2012-13 and adjust with 2012-13 liability.