19 April 2016
Hello All, In March Month, At the time of Payment We paid All the Service Tax without adjusting Service Tax credit so in that case Can we Adjust Service Tax credit of FY 2015-2016 in FY 2016-2017?
19 April 2016
Eligible Inputs for CENVAT Credit should be accounted for in the month / period they become eligible. This accounting is termed availment. The CENVAT Credit Rules 2004 (as amended) only prescribes the period and method of availment of Input Credit. The Rules also lay down how the Input Credit can be used. However no time limit has been set for utilizing the CENVAT Credit availed. Therefore you can adjust the CENVAT Credit of FY 2015 - 16 in FY 2016 - 17.
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