shruti (CA) (80 Points)
09 April 2009We have taken a Lift AMC in March 09and the payment was made in March. The service tax paid on the AMC is approx Rs. 1 lakhs. Can we carry forward the CENVAT credit to year 09-10 and what amount i.e. amount propotionate to the prepaid expenses or the amount left after utilizing the current service tax liability
Pl clarify
Jyoti Malik
(ACCOUNTANT)
(2644 Points)
Replied 09 April 2009
you can carry forward the CENVAT credit to year 09-10 and excess amount the amount left after utilizing the current service tax liability
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 09 April 2009
Yes there is no time limit for carrying forward eligible credits under cenvat credit rules for service tax as well as central excise.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 20 April 2009
Cenvat = central value added tax In this contect under central excise the set off rules are under the Cenvat Credit Rules 2004 ( common to service tax also)
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