Cenvat credit

This query is : Resolved

CA. Jyoti Baid (Querist)
Follow

04 August 2010 Respected All,

Our company has paid advance on account of an input service along with the amount of service tax in the month of July.

The company will utilise the input service in the month of December.

When can the company claim cenvat credit, in the month of July or in the month of December.

Regards
Jyoti

Jyoti

VINOD ARORA

VINOD ARORA (Expert)
Follow

06 August 2010 Input credit should be taken/claimed in the month of July itself and Half yearly return for September should show this amount as pending offset amount. This may be utilised in the month of December.

However, in case there is omission in claiming credit in July, the same may be taken/claimed and utilised in December as well. However, it should not cross over to next financial year to avoid complications.

BALU V

BALU V (Expert)
Follow

13 August 2010 As soon as the ST was paid to the client the credit can be availed if otherwise eligible. There is no restriction in utilizing the same in the month of July itself. Receipt of service doesn't matter.

Gagan Agarwal

Gagan Agarwal (Expert)
Follow

31 August 2010 under the CENVAT Credit Rules, 2004 input service has been defined to mean taxable services used by a provider of taxable service to provide taxable services.

Accordingly, service tax paid on input services can be claimed only in the month of December (ie when the services have been used by the service provider)and not on advance payments (ie in July).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

tpksathyan narayanan

S D Kannan

ASIM ATREY AND ASSOCIATES

Tanishka Khandelwal

Vimlesh kumar

Subscribe Now

Cenvat credit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA