Sumant T Hegde (CA Final Student) (85 Points)
25 August 2014Hello all,
Cenvat Credit can be taken for bills of last six months only as per the budget. This is applicable from 1st Sept 2014. But my query is
Is it for bills raised after 1st Sept 2014 or for cenvat to be claimed after 1st sept 2014?
I mean if it is for Bills raised after 1st sept 2014 then we can take cenvat for bills raised before sept 2014 and may be bills of earlier years.
Please clarify me.
Thanks in advance.
atul kumar soni
(student)
(127 Points)
Replied 25 August 2014
As it is not clear so that it is safe to avail input and input service which is old more than 6 month and related to before 1 sep 2014.
Venkatanarayana GM
(Partner associate at Hiregange & Associates)
(1279 Points)
Replied 25 August 2014
Dear Hegde,
Please go ahead & avail. only from this budget the restrication is been imposed . But, however before that there was no restriction on the same. hence the same can be availed. In this regard there are few case laws reported which says, the assessee can go back upto 3 to 5 yrs and avail the credit.
Thanks
Venkat
Sumant T Hegde
(CA Final Student)
(85 Points)
Replied 26 August 2014
Dear Venkat
We have some cenvat related to Fy 2010 to 2013 which has not been claimed. Now we want to claim that. But due to practical difficalty we cannot claim it this month. We cannot ascertain the actual amount this month. It takes time to ascertain the amount. So we are planning to claim those cenvat in the successive months. (i.e., September onwards) But i m afraid of the amendment effect.
vyjayanthimala
(Accounts)
(245 Points)
Replied 26 August 2014
Hellow,
Is it OK to take input credit even though the payment is not made
to the service provider ? Is there any time limit to make payment
after taking input credit. Please clarify.
mala
Manoj Agarwal
(Service Tax Consultant Rourkela ServiceTaxExpert@yahoo.com)
(3456 Points)
Replied 26 August 2014
You can avail Cenvat Credit for any past period on eligible input or input service only up to 31-08-2014. W.E.F. 01-09-2014, you won't be allowed cenvat credit for any Invoice issued before 01-03-2014 as the cenvat is requird to be availed within 6 months of date of invoice. So, this is your last opportunity to avail credit for earlier periods.
Kindly email for further clarifications.
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