CENVAT CREDIT

Dear Friends,

Please let me know statutory records required to be maintained by a manufacturing concern for availing CENVAT. Please also inform me if service tax paid for manufacturing a factory building can be adjusted with excise duty under CENVAT and time period allowed for such credit .

Thanks

CA. DINESH KUMAR

Replies (4)
Originally posted by :DINESH KUMAR
" Dear Friends,

Please let me know statutory records required to be maintained by a manufacturing concern for availing CENVAT. Please also inform me if service tax paid for manufacturing a factory building can be adjusted with excise duty under CENVAT and time period allowed for such credit .

Thanks

CA. DINESH KUMAR
"

Rule 9 (1) of Cenvat Credit Rules prescribes the proper basis on which you can avail the Cenvat Credit.

Service tax paid in your case can be availed and credited to towards the cenvat credit account and can be utilized for duty payment. But do remember that you can take credit of service tax only when you have made the final payment towards the service tax invoices. The credit shall be used as early as possible but there is no time limit as such. And the credit has to be availed within 1 year.

Dear Mr. Bashista,

Thanks for your guidlines. Please inform if there is no time limit for availing CENVAT  or it has  to be availed within one year . Also please inform statutory records required for availing CENVAT .

Best Regards

CA. Dinesh Kumar

there is no time limit to avail service tax credit. but it is recommended that it should be taken as early as possible when the payment of service and service tax on bill paid. there is no statutory record required to be maintained for service tax credit. however for excise credit some register as per central excise rules,2002 are prescribed

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