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Cenvat credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 March 2015 A Company has availed cenvat credit in its service tax returns but has not utilised the same for payment.

The company is following this practice since years.

Can the company now expense out the Cenvat credit of its previous year lying in its Balance Sheet ?

Kindly povide the link of legal source of available.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 March 2015 Utilisation of Cenvat Credit

¨ Credit available as at end of month/quarter can be used even if duty payable on 5th or 6th on following month/quarter

¨ Credit cannot be used when service tax is payable under reverse charge. That tax has to be paid by cash i.e. challan only.

¨ No time limit for taking Cenvat Credit – can be carried forward without any time limit

See link.
https://www.dateyvs.com/tax/service-tax/cenvat-credit-and-service-tax/cenvat-credit-availment-and-utilisation/
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