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Cenvat Credit

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(Querist)
20 June 2011 Maximum how much amount company can kept unutilised balance in Service Tax Credit account as on 31st March?
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U S Sharma

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U S Sharma (Expert)
20 June 2011 no limit for such credit balance, but it should be justified with books, the source of such credit and reason for non utilization of credits, as the credits are available against taxable service provider/ taxable goods manufacturer only, so if the taxable output is less than input, the objection will come from department.
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Ajay Raghatate

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Ajay Raghatate (Expert)
21 June 2011 There is no limit, you can keep zero balance also, if you have not any liability in month of march then all credit availed by you should be in closing balance. and it will carry forward to next year.
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