CENVAT credit on AMC payments

you can carry forward the CENVAT credit to year 09-10 and excess amount  the amount left after utilizing the current service tax liability

Yes there is no time limit for carrying forward eligible credits under cenvat credit rules for service tax as well as central excise.

What is Cenvat

Cenvat = central value added tax In this contect under central excise the set off rules are under the Cenvat Credit Rules 2004 ( common to service tax also)