Save Rs 499. Go Ad-Free with CAclubindia Pro for 2 Full Years. Subscribe Now!

modvat/cenvat on stock/ service tax

1113 views 1 replies

Vasant Mudholkar

Manager

43 Points Posted on 18 April 2011

Hi there!

we have newly registered ti the excise.

I have 2 questions

1. Can we take the modave/cenvat on excisable tax invoices in the last financial year?(Including capital good which we have purchased in March 2011)

2. Can we take the credit on service tax? (Say Freight forwarders invoices/ jobworkers invoices/ professionl fees invoices etc.) And if yes how much we can go to avil the credit i.e say 6 months/3 months / 15 days?

Many thanks

Vasant Mudholkar

Replies (1)

U S Sharma

glidor@gmail.com

21068 Points Posted on 18 April 2011

newly registered does not clear the status

if you have opted not to pay duty upto 150 lacs then you are not eligible for cenvat credit.

if you have opted to pay duty from start without any abatement, then u can take credit of stock in hand on the date of registration ( no back time limit, but u have to establish that the specified inventory was in your position on the date of registration)

regarding service tax, you can not take any input credit of back dated invoices. as services can not be taken as stock in hand.