Parminder Kaur Bhatia (CA) (64 Points)
12 December 2011
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 13 December 2011
not possible as it will generate the case of "unjust enrichment"
it could be claimed only if provisions were made in respective year's final accounts,
CA Prabhat Gupta
(Manager (Indirect Taxes))
(821 Points)
Replied 13 December 2011
Agree with Mr. Sharma. Though no time limit has been specified in the Rules for availment of CENVAT Credit, but in your case there may be an unjust enrichment.
CA Prabhat Gupta
(Manager (Indirect Taxes))
(821 Points)
Replied 13 December 2011
Agree with Mr. Sharma. Though no time limit has been specified in the Rules for availment of CENVAT Credit, but in your case there may be an unjust enrichment.
Parminder Kaur Bhatia
(CA)
(64 Points)
Replied 13 December 2011
The Issue is company has not claimed input credit by mistake..but now it doesnt want to lose the benefit.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 13 December 2011
| Originally posted by : Parminder Kaur Bhatia | ||
 |
The Issue is company has not claimed input credit by mistake..but now it doesnt want to lose the benefit. |
 |
in the respective years the service tax paid is claimed as expenses under the P/L account, hence revision of such P/L is not possible at this stage.
ask your auditor about the situation and get his opinion,
also you have not mentioned that for what reason you failed to claim input credit? if there is no taxable output service, then also input credit is not admissible
Parminder Kaur Bhatia
(CA)
(64 Points)
Replied 14 December 2011
Thanks for replying..
The company is maintaing seprate records for STPI and Non Stpi and has not claimed input servoces for all the transactions booked under STPI by mistake.
Regards
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