hi everyone,
i wouldlike to know whether service tax credit available as on year end i.e,31st march can be carried forward to next year and set off can be made in april month tax payable.let me also know whether the credit available for a particular month during the year can be set off in following month.
thanks
There is no bar on carrying forward the credit of service tax. Also, the credit can be utilised in any of the subsequent months. The only thing to keep in mind is unlike credit of excise duty cenvat, the credit is available only on actual payment of bills on which credit of service tax is availed. The other conditions are applicable as per the CENVAT credit rules.
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