madhavvan (service) (154 Points)
07 May 2009company A has input service tax credit of Rs. 2 crores in month of april and may 09 it has parked this amount in the clearing account the company has substantial credit of capital goods
queries
is it required to avail the credit by posting from clearing account to availment account and then is it required to utilise this credit in financial year 2009-10 itself or it can carry it forward for utilisation in FY 2010-11
is there any time limt for availment and utilisation of service tax credit
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 07 May 2009
There is no specific time limit for availment and utilisation of cenvat credit. However to avoid any disputes the availment should preferably be within a reasonable period though the Tribunals have held that there is no time limit.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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