dear friends
one of the my client is a service provider. he has imported two machines, one in the year 2005-2006 and second in 2006-2007. duty has been paid about rs.10 lacs. in the year 2006-2007, he has deposited rs. 15 lacs as service tax with out taking input credit. can we claim for refund on the same? under which rule?
pl reply soon so that we can claim for redund/ adjusment/credit in the return to be filed before 25.04.07.
Dear friend
The Cenvat credit in respect of capital goods received in a factory or in premises of the provider of output services at any point of time in a given financial year shall be taken only amount not exceeding 50% of the duty paid on such capital goods in the [b] same financial year[/b]
The balance of cenvat credit may be taken in [b]any financial year[/b] subsequent to the financial year in which capital goods were received in the factory of the manufacturer or in the premises of the output service provider
Where assessee has paid to the credit of Central Gov service tax in respect of a taxable service , which is not so provided by him either wholly or partially for any reason , the assessee may adjust the excess service tax so paid by him against his service tax liability for the subsequent period ,
with regard
rajesh
CAclubindia
