What is the time limit for availing CENVAT Credit?
For eg. i need to pay service tax by JUly 5th. Am a Chartered Accountant Firm. Can I use the service tax on telephone charges which was unutilised since 2007? Is there any specific time limit?
Vijay Sarathi H (PARTNER) (562 Points)
17 June 2010What is the time limit for availing CENVAT Credit?
For eg. i need to pay service tax by JUly 5th. Am a Chartered Accountant Firm. Can I use the service tax on telephone charges which was unutilised since 2007? Is there any specific time limit?
Jyoti Malik
(ACCOUNTANT)
(2644 Points)
Replied 18 June 2010
Service Tax payment is based on receipt basis as same in the case of payment basis we can avail the credit of Cenvat.
When we make the payment then we take the credit.
For example (for individual payment of Service Tax is Qtrly) the invoice of april10 for Rs 100000+STax received by you in June and you have make the payment of Rs 50000+ST in the 1st QTR then you can take the credit of this cenvat again the payment of STax.
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 19 June 2010
.
NORMALLY THERE IS NO TIME LIMIT TO AVAIL CENVAT CREDIT
BUT FOR THE EXPORTERS THERE IS SOME LIMIT
.
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