Cenvat

This query is : Resolved

shaikh irshad (Querist)
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21 March 2014 Service tax is paid under reverse charge mechanism by the company. The amount paid is taken as cenvat against the output service tax. however the amount of cenvat (of service tax paid under RCM) is more than output service tax at the end of financial year.

Whether excess amount can be carried forward to next financial year? or it can be taken as refund? or it can be adjusted against output excise duty? or unadjusted cenvat will have to be written off in the books of accounts?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2014 1. CENVAT Credit of service tax can be adjusted against excise duty liability.

2. CENVAT Credit can be carried forward indefinitely. It is NOT to be written off at the end of the year.

3. Service tax paid under reverse charge can be claimed as refund.

You can follow any option.

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