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Utilisation of Input Credit

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(Querist)
03 April 2009 Is set-off of Input Credit for service tax to be claimed only on actual clearing of the cheque or if the cheques have been drawn and received by the drawee, should that be considered as adequate for claiming set off against Output Credit ?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
03 April 2009
You can consider it on the day of deposit of cheque into your bank. Cleared or not will not matter. You can claim the service tax benefit.

You cannot consider by just having with your hand can claim for service tax.
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K V Subba Rao

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K V Subba Rao (Expert)
03 April 2009 Credit is available after the amount of Bill is paid to the Service Provider.

As far as Service Receiver is concerned, the moment Cheque passes off his hands by handing over or sending under acknowledgement, Service Receiver becomes entitled to claim Credit
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