sivaram (Asst Mgr-Taxation) (6918 Points)
07 October 20091.Can any one clarify is there any time limit for taking input credit for excise and Service Tax?
2.Our company got registration of service tax in March 2009.Can we take Input credits of Service tax of Bills pertaining to Febrauary 2009 since the bill is paid only in April 2009?
Please students /Members/experts/Consultants- can u give your views urgent
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 07 October 2009
Dear Sivaram,
There is no time limit for availment of credit. However as a measure of prudent policy you may ensure that credits are wtaken within the financial year. The credits should obviously be eligible as per the rules.
There was a decision a month back or so where credit for 7 year was allowed. The point is that when the tax for the past years was demanded the credit for that period also shouldbe allowed - Formica India Division - SC,.
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 07 October 2009
can u give the case law record no please for our refernce
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 08 October 2009
Dear Sivaram,
You should subscribe for the tax india online or excus. Buy a good commentary.
Gautam Joshi
(Partner)
(361 Points)
Replied 08 October 2009
Hi Sivaram,
CENVAT Credit is a prima facie right of an assessee though registration is a formality. Still one can utilise the credit only after registration.
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