Suresh Verma (Student) (103 Points)
29 September 2011My Company has paid Service Tax to Transporters for transportation of goods as well as to Courier Services as mentioned in the bill but has not taken any service tax credit in both the cases for FY10-11 & CY 11-12, now can i take credit of Service tax paid in the last year for payment of Service tax & Excise duty in CY.... Though service tax in case of GTA is payable by service Reciever, Is any credit available if payment is made inclusive of Service tax by mistake..
Plz reply soon.....
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 29 September 2011
If it is within the definition of input service , credit can be taken in current year . There is no limitation.
Sushma Mevacha
(Executive)
(394 Points)
Replied 29 September 2011
Credit is admissible for the Input Services as defined in Cenvat Credit Rules ,2004.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 29 September 2011
| Originally posted by : Suresh Verma | ||
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My Company has paid Service Tax to Transporters for transportation of goods as well as to Courier Services as mentioned in the bill but has not taken any service tax credit in both the cases for FY10-11 & CY 11-12, now can i take credit of Service tax paid in the last year for payment of Service tax & Excise duty in CY.... Though service tax in case of GTA is payable by service Reciever, Is any credit available if payment is made inclusive of Service tax by mistake.. Plz reply soon..... |
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look in depth of your financial accounting, and point out that service tax portion of input credit to be claimed is shown as provision of input credit in previous year balance sheet.
if such service tax paid is shown under the expenses, then it would be case of unjust enrichment and the same would be disqualified by audit in later stage. only exception is that if said services are paid in current year, then eligible for input credit.
for current year the books are open and you can go free hand to take input credit , any time but within the financial year.
CAclubindia
