Dear Friends,
my company is having a service tax credit of more than one lakh rupees which we want to carry forward.
please advice me whether we can carry forward the same for the life-long period or for a time limit. if there is a time limit, then can anyone help me out to find out the time limit to consume the credit.
Warm Regards
Toms Abraham
Dear Toms Abraham,
Please provide the details of the Company first, whether it’s a Manufacturer or a Service Provider along with the Status that What kind of Credit you have Taken for amounting Rs. 1 lac i.e. it is for Input Services, Input or Capital Goods.
This is will enable us to reply or suggest the solution.
Regards
Sushma Mevacha
There is no time limit for carry faorward of cenvat credit.
if u opt for exemption of 10L in next year, then the accumulated credit will be zero. but if u opt to pay service tax from start, then the credit would be alive.
I Accept with Mr.US Sharma
Plz make sure that if the remaining cenvat credit of Rs.1,00,000 pertains to Capital Goods then out of the total credits 50% is claimed in the year of capital expenditure & the remaining is carried forward for utilisation in the next year.
CAclubindia
