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Rules regarding Service Tax credit

This query is : Resolved 
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(Querist)
01 October 2009 My company want to claim service tax credit on input services,

i wana to know two things about service tax credit

1. Is there any boundation for the Source of Payment made to service provider such as bill amount only paid thr Cheque or Demand draft or Cash.

2. is there any boundation for the time limit of payment of Bill such as payment of Invoice should be paid within one month of bill date etc.

plz clear these two things to me
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
01 October 2009 1. Mode of payment - No such mode prescribed. It can be through cheque, cash, book adjustment, TDS or by any other mode.

2. No such time limit. You will be eligible for credit only on full discharge of the bill.
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
01 October 2009 Fully agree with Shyamlal Naik
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