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Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2014 Can we take the credit of Service Tax of Oct'14 paid in Nov'14 against Receipt of Service Tax for the month of Nov'14?

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

02 December 2014 You can take Cenvat Credit upta the date of last day of month or quarter, as case may be .
For example Cenvat credit balance lying as on 20th November can be utilized for the payment of Excise Duty or Service Tax for the month November

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Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2014 Is cenvat credit depends on Payment basis?

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

02 December 2014 No Cenvat Credit can be taken as on receipt of Invoice and Service/material.

However, in case Services Inputs payments need to be paid withing six months from the date of invoice. if payment is not made within 6 month cenvat credit taken earlier need to be reversed as per proviso to rule 4(1) of cenvat credit rules

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