Sandeep (Self Employed) (125 Points)
04 August 20091. Can the Input Service Tax credit remaining unutilised at the end of a FY be carried over to new FY?
2. Does the unused credit have to be declared in the ST3 return filed?
Specifically, for various reasons I did not take into account the input service tax credits for FY 2008-09, now I want to account and carry forward those credits to FY 09-10. Can I do so?
Was it required to declare the unused credit in the ST3 filed in April 2009?
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 05 August 2009
There is no bar on availment of credit for inputs/ input services as long as they were eligible after a lapse of time. Therefore in my view you could carry forward the same in this year with an adequate disclosure. When questioned you should be able to prove that it was available earlier.
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