Cenvat credit under reverse charge
This query is : Resolved
27 December 2013
Dear Sir,
Our company is engaged in manufacturing activities filing Central Excise Return (ER1). We are paying Service Tax on 25% of bill issued by transporter(GTA). we would like to know in which month we can take credit on service tax paid, ie, in the month of bill or in the month of actual payment.
Should we follow accrual basis or receipt basis for claiming cenvat credit on account of service tax paid under reverse charge mechanism.
Expecting Immediate reply
With Regards
SHIJITH C
Our company is engaged in manufacturing activities filing Central Excise Return (ER1). We are paying Service Tax on 25% of bill issued by transporter(GTA). we would like to know in which month we can take credit on service tax paid, ie, in the month of bill or in the month of actual payment.
Should we follow accrual basis or receipt basis for claiming cenvat credit on account of service tax paid under reverse charge mechanism.
Expecting Immediate reply
With Regards
SHIJITH C
27 December 2013
hope the below pdf answers all your q's
http://www.isspa.org/uploads/laws/pdfs/11_pdf.pdf
courtesy: isspa.org
http://www.isspa.org/uploads/laws/pdfs/11_pdf.pdf
courtesy: isspa.org
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