Vasant Mudholkar (Manager) (43 Points)
18 April 2011Hi there!
we have newly registered ti the excise.
I have 2 questions
1. Can we take the modave/cenvat on excisable tax invoices in the last financial year?(Including capital good which we have purchased in March 2011)
2. Can we take the credit on service tax? (Say Freight forwarders invoices/ jobworkers invoices/ professionl fees invoices etc.) And if yes how much we can go to avil the credit i.e say 6 months/3 months / 15 days?
Many thanks
Vasant Mudholkar
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 18 April 2011
newly registered does not clear the status
if you have opted not to pay duty upto 150 lacs then you are not eligible for cenvat credit.
if you have opted to pay duty from start without any abatement, then u can take credit of stock in hand on the date of registration ( no back time limit, but u have to establish that the specified inventory was in your position on the date of registration)
regarding service tax, you can not take any input credit of back dated invoices. as services can not be taken as stock in hand.
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