Sir,
This is with reference to your message.
Refund Route
Refund under Rule 5 of CCR, 2004 is applicable where assessee is engaged in export of goods or services. If that is the case, then you may apply for refund as per method prescribed under the said rule. However, please note that claiming refund is a time consuming exercise.
Credit Route
As explained by you, you have Rs. 25L as credit upto March 2014 and Rs. 10L as credit for the period Apr-Sept 2014. For this, you need not file service tax return to claim this credit as this credit can be set off from output excise duty.
Now, ER-1 for Sept 2014 shall be filed by 10 Oct 2014. As per budget announcement, w.e.f. 01.09.2014, credit should be availed within 6 months from the date of invoice. Please note here that availment means taking into books of accounts. The budgetary announcement has restricted availment of credit not later than 6 months but has not restricted ultization of such credit in payment of output liability
Based on this, credit upto March 2014 and credit for the period Apr-Sept 2014 has been timely availed by your company. Accordingly, there is no problem in disclosing this credit in ER-1 to be filed for the m/o Sept 2014 and utlize it for payment of output duty liability.
For further clarity, you may submit a letter to the concerned authority citing that credit had been timely taken in the books but could not be disclosed in relevant returns and now the same is being displayed in current period return.
CAclubindia
