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Input Credit

This query is : Resolved 
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(Querist)
21 April 2010 Hi everyone,

Input credit is to be claimed on payment basis. What is meant by payment date? Whether it is date of realisation of cheque paid or date on which cheque is issued?

It was observed that one person is just drawing cheques and is not presenting the same to the vendor. however he is accounting in books as paid and shown as cheques issued but not cleared in BRS. After 6 months he is reversing the entry in books.

Is this correct? Please throw some light on this.
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Sanjeev Kumar

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Sanjeev Kumar (Expert)
24 April 2010 Payment / collection means under service tax laws realisation. as per trade practice you can pay serivce tax and claim CENVAT based on the book entry. i would like to your attention that service tax laws only based on the amount realized. so follow same practice for both liability and CENVAT
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