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Credit Rules

This query is : Resolved 
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(Querist)
22 July 2009 Dear All,

Can anybody tell me the section or rule under which the credit of input of one year can be sett off against next year.

I have the same query in respect of Service tax and VAT
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Madhukar N Hiregange

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Madhukar N Hiregange (Expert)
24 July 2009 For VAT you have to refer to the local VAT law.
However for ST + CE common cenvat credit rules exist which do not bar any carry forward. Since the objective of the scheme is to avoid cascading effect of multi point levy, the same can be carried forward and manufacturers have been doing the same for 22 years now and service providers for 4 years.
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