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Service Tax Credit on Intangible Goods

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Miral Corp Fin & Sec. Manager [ Scorecard : 43]	Posted On 30 March 2011 at 12:20
	We have capitalised the designing and engineering services as an intagible Assets. Yet we have not paid the said amount to service provider. so, how much credit can we take by the end of this financial year?? Can we take the credit even if we have not paid for the said services??? Please advice....

CA Chintan Vyas Chartered Accountant [ Scorecard : 111]	Posted On 30 March 2011 at 12:59
	Cenvat Credit of service tax can be taken as and when You pay service tax. Even though you have capitalised it, is not relevant here. Relevant is that this is "Input Service" and rules said that unless you pay service tax, can not take cenvat credit.

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