In 30 April 2009 we make payment for Bills (Both Services, Input & Capital Goods) which also includes Service Tax.
Now My Queries is that credit of How Much amount can we taken i.e whether it should be cover all April Payments or we have to wait for Clearance of Cheque for taking Credit.
Please Confirm
Thanx In Advance.
payment by cheque sufficient. No need to wait for cheque clearance.
You can take the CENVAT credit in april subject to clearance of cheque. I.e., if cheque bounce then u have to reverse such credit
u can take the credit immediately after issuing the cheque but in case of cheque bounce u have to pay the interest
YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
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CAclubindia
