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cenvat credit

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06 May 2010 Company got incorporated with object clause of insurance business. But business income has not been arrived as company has not obtained licence from IRDA so far. Can company accumulate service tax paid during this period on expenses incurred for utilizing it as CENVAT credit for future service tax liability of the company ,even though company has not applied for service tax registration and therefore not filed service tax return as well?
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CA.Hanumantha Reddy

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CA.Hanumantha Reddy (Expert)
06 May 2010 Yes, you can do so. However at inception of the year you can claim exemption limit of Rs 10 laksh. And advise is that better to have a registration and get availing the CEVNAT credit so as to be transferent.
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