CHIRAG DEEPAK GANATRA (CA FINAL) (1054 Points)
09 August 2010CAN I UTILISE CENVAT CREDIT OF SERVICE TAX IN SUBSIQUENT FINANCIAL YEAR ? IF YES UNDER WHICH RULE OR NOTIFICATION OR SECTION
AND ALSO GIVE DETAILS ABOUT UTILISATION OF CENVAT CREDIT FOR SERVICE TAX
Raju K. A
(service)
(89 Points)
Replied 09 August 2010
Availment and utilisation of cenvat credit is ragulated by Cenvat Credit Rules,2004. Utilisation of cenvat credit in the next financial year is not restricted anywhere in that rules.
Sreejith.R
(CA student)
(37 Points)
Replied 10 August 2010
U can carry forward the unutalised cenvat credit lying in your account
CHIRAG DEEPAK GANATRA
(CA FINAL)
(1054 Points)
Replied 10 August 2010
from where i get detail knowledge for above question
s.vaidyanathan
(CA )
(119 Points)
Replied 26 August 2010
Go through the cenvat credit Rules 04 for more details
S.V
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 26 August 2010
DEAR CHIRAG,
THERE IS NO SUCH SPECIFIC SECTION WHICH PROVIDES FOR THE NO. OF YEARS A CANVAT CREDIT ALLOWABLE TO CARRY FORWARD. NEITHER THERE IS ANY SPECIAL PROVISION PROHIBITING THE CARRY FORWARD OF CENVAT CREDIT EITHER UNDER THHE SERVICE TAX RULES OR CENVAT CREDIT RULES. THUS, U CAN CARRY FORWARD CENVAT CREDIT FOR THE FUTURE YEARS AS WELL..
REGARDS,
MANOJ
CAclubindia
