Cenvat credit (input credit)

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Dear Sir

From 1st July 11 Service Tax paid on Billing Basis not a Receipt Basis and Cenvat Credit (Input Credit) is also Billing Basis or only Payment Basis.

Please tellme

Thanks in advance

Replies (5)

Cenvat credit can be availed only after payment of bill .

Sir, can i get the notification for this.

Regards,

Ragahvendra M

 

The cenvat credit is also available on accrual basis. However if one were not to make payment of the same within 3 months then the credit needs tobe reversed.

The new POTR is accrual + receipt basis. If there is an advacne the same wouldbe liable.

I would like to know broadly how the input credit is to be aviled by headquarter and distributed amongst their manufacturing units for utilisation at their end while making Excise payment.

 

01.What type of records we required to maintan

02.What are the formats for Service tax input credit register and GTA credit avialment register

03.What is period in which we should distribute it and how

Originally posted by : Raghavendra

Sir, can i get the notification for this.

Regards,

Ragahvendra M

 

 Input Credit is available on Accrual basis subject to the condition that payment to Vendor should be made within 3 months. If payment is not made within 3 months the Input Credit taken will have to be reveresed  and interest will be payable. Please go to FILE link, you will get the details of notification.


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