Input credit adjust against payable

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Sunita Vijay (Querist)
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29 April 2014 Dear Sir,

I have querry regarding the service tax Input Credit.

I am booking expenses dt 31.07.2013 & service tax receivable transfer to service tax input a/c on same time & payment for this invoice made in Aug 13 & Sept 13.

My Service tax payable is 100/- & Input 200/- so i adjust 100/- as cenvat credit & balance 100/- as input Balance in ST 3 return in July 2013 as same for all months

My querry is we take input immidiatly when we booked the expenses but payment of the expenses we made next 2 months so it is right or after making payment of this expense TRFR Input for the same.

KUMAR trp707@gmail.com

KUMAR trp707@gmail.com (Expert)
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29 April 2014 no after payment of expenses and take credit
it is principle

Sunita Vijay

Sunita Vijay (Querist)
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01 May 2014 The credit of input services under rule 4 (7) of the Cenvat Credit Rules has also been liberalized vide notification No. 13/2011-CE (NT) dated 31.03.2011 and the same shall be available on receipt of invoice (except in cases of reverse charge) as long as the payment is made within three months. Even specified persons required to pay tax on cash basis will be able to avail credit on receipt of invoice. Suitable changes have also been made for reversal of credit or payment when the value of service is renegotiated or altered for any reason by refund or issue of a credit note by the service provider. Amendment has also been made in Rule 9 of Cenvat Credit Rules, 2004 by allowing credit on supplementary invoice, except in non-bonafide cases, which may become necessary in certain situations e.g. where the point of tax is the date of payment while the invoice had already been issued e.g. rule 4(b)(i) of Point of Taxation Rules.

Sunita Vijay

Sunita Vijay (Querist)
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01 May 2014 https://www.servicetax.gov.in/circular/st-circular11/st-circ-ptr-rules2011.htm

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