meenakshi (CA final student) (83 Points)
28 January 2011Can a company adjust its Service Tax input credit of earlier years (2006-07, 2007-08,2008-09, 2009-10) against its Excise Duty payable of this year(2010-11)?
If it can adjust the same means will the answer be the same for the below case:
Its Service tax Payable part of the above said years is unpaid until today and got permission from service tax Dept for the late payment of the payable portion because it is a loss making concern(for the above said years).
Thanks in advance.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 28 January 2011
| Originally posted by : meenakshi | ||
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- if the unit in under cenvat credit of service tax scheme i.e not availing exemption of 10L per year then accumulated balance he can use in payment of service tax for taxable services "tendered" or cenvat duty for exiseable goods "cleared"
- Service Tax payable means u have provided taxable services and the receipent of the service would be eligible for service tax credit. - if the Service is related to import of services / GTA, then input credit may not be available as it had to be taken on date of service payout and tax payout, not in later years..
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- if the demand is raised by Audit or its against any show cause, then its better to not take credit, otherwise it will get disallowed again next stage which will invite interest and penalty also.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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