cenvat Credit
This query is : Resolved
17 August 2009
before 1.4.2008 in Cenvat Credir rules2004 in Rule 6(3) Cenvat Credit on Service Tax paid on Input services was allowable only 20% of total service tax liability payable on out put Services.From 1.4.2008 in rule 6(3)for getting the cenvat Credit on input Services under pro rata option one has to reversed amount related to non taxable value of services and for the rest amount full credit can be taken.My ouery is, can we utilize the whole of the amount of Cenvat Credit lyiny on 1.4.2008 or we have also to reversed the prorata amount relating to non taxable portion of Turnover
18 August 2009
The rules got changed in 2008 but did not provide the lapsing of the accumulated credit as that would not have been in line with the scheme.
Since no mechansim was bought out to restrict the same, in my opinion the credit can be carried forward and used in the subsequent periods.
Since no mechansim was bought out to restrict the same, in my opinion the credit can be carried forward and used in the subsequent periods.
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