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.
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.
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
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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