Cenvat credit on old bills

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This query is : Resolved

PRANAY JAIN (Querist)

28 April 2016 1. I have received a bill from one of the vendors Dt: 15 Mar -16, with 14.5% ST (Advertising Agency Service), i have not paid him any amount in last quarter, so while paying him now in Apr-16 or May-16, can i use ST amount for Cenvat Credit in current FY 16-17 H1 return.

2. I have received a bill from one of the vendors Dt: 09 Jan-16, with 14.5% ST (Advertising Agency Service), i paid him complete amount in Mar-16 itself but forget to use Cenvat Credit so can i use ST amount for Cenvat Credit in current FY 16-17 H1 return, if yes what entry i have to do in accounts.(Balance sheet).

I have not done any provision in FY 15-16 H2 return for both the above cases.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

28 April 2016 1 Yes you can use ST amount for cenvat credit in current Fy 16-17 H1 return.
2 Yes keep the amount under cenvat credit receivable ac in balance sheet.

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)

02 May 2016 you can use service tax after make payment to vendor,
you cam make entery in books, but you have to take credit after making the bill payment in service tax or excise return.

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