i have deposited service tax for march08. but after deposited we found that some more bills are coming related to last f.y 2007-08 and we have not taken input credit for these bills at the time of deposit service tax in march08. now my question is can i take input credit in April on payment basis or i have to go for refund procedure. pl z give me suggestion what i have to do and what effect will go to Service tax return.
21 April 2008
Service tax payments and credit, both are on payment basis, if u receive bill for last financial yaer but paid in current FY, the service tax is payable on the 5th of next month from the month in which paymwnt was made, same is the procedure for cenvat credit, credit can be availed only ag=fter payment, irrespective of period of actual billing.
Billing dates are important for the accounting purpose only, and have nothig to do with the service tax. arbindaggarwal@yahoo.com
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