Time of availing cenvat credit

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PRATEEK GOYAL (Querist)
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28 April 2012 What would be the date on which Cenvat Credit is to be availed in case below:

Bill on purchase recd for input/CG/Input service...

Bill Date: 28/Mar/2012
Bill Recd Date: 5/Apr/2012

Whether Credit will be availed in Mar end or in April month only ???

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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28 April 2012 With effect from April 1 2011, Rule 9 of the Point of Taxation Rules has been amended to provided that services for which provision is completed on or before June 30, 2011 or where the invoices are issued up to June 30, 2011, the point of taxation shall, at the option of the taxpayer, be the date on which the payment is received or made as the case may be. The intention is to give an option to the assessee to come into point of taxation from April 1, 2011 or July 1, 2011. Based on this amendment the assesse can continue to pay service tax on payment basis till June 30, 2011.
With effect from April 1, 2011, Notification no.13/2011-CE.NT has amended rule 4(7) of the Cenvat credit rules 2004. Amended rule 4(7) is reproduced below:-
(7) The Cenvat credit in respect of input service shall be allowed, on or after the day on which the invoice, bill or, as the case may be, challan referred to in rule 9 is received:
Provided that in case of an input service, where the service tax is paid on reverse charge by the recipient of the service, the Cenvat credit in respect of such input service shall be allowed on or after the day on which payment is made of the value of input service and the service tax paid or payable as indicated in invoice, bill or, as the case may be, challan referred to in rule 9:

Provided further that in case the payment of the value of input service and the service tax paid or payable as indicated in the invoice, bill or, as the case may be, challan referred to in rule 9, is not made within three months of the date of the invoice, bill or, as the case may be, challan, the manufacturer or the service provider who has taken credit on such input service, shall pay an amount equal to the Cenvat credit availed on such input service and in case the said payment is made, the manufacturer or output service provider, as the case may be, shall be entitled to take the credit of the amount equivalent to the Cenvat credit paid earlier subject to the other provisions of these rules.

Regards,

PRATEEK GOYAL

PRATEEK GOYAL (Querist)
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28 April 2012 Thanx Mr Verma..but that i found on google itself...thanx nyway

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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05 May 2012 thanks for put up query in CA CLUB INDIA.

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