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Input Tax Credit

This query is : Resolved 
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(Querist)
06 November 2010 Dear sIrs,
One of the compny is in preoperative condition.It took registration of Service tax for payment in respect of import service.

During the period some other expenses made by the company are inclusive of service tax also. My question as the company has service tax registration , can it take the serice tax credit on the payments made on local payments ? and if yes then how many period of time the service tax credit can be unutlised ?
and can credit be taken before the service tax regisrtation is obtained but during the same financial year.?

Please reply me as earlist possible.PLEASE NOTE THAT THE COMPANY IS IN PREOPERATIVE CONDITION AND THE COMMERCIAL PRODUCTION HAS NOT STARTED YET

With Regards
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CA.Madhusudan B.P.

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CA.Madhusudan B.P. (Expert)
07 November 2010 As for as Import of Service is concered, you need to pay cash & can't adjust the input credit available.
Input credit can be availed only on PAYMENT basis. no time limit has been prescribed.
Proper books & records should be maintained.
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