Time for Service tax credit, Service Tax

[Laxmaiah Vanamamula]

What is the time(Period Billing date to) Service tax Input Credit Taken on Input/Capital Goods Bills one Year or 6 months?

Posts / Replies

[Pradeep Khatri]

Though No time has been mentioned in the CENVAT credit Rules, 2004 as amended time to time. but it says CENVAT credit on inputs should be immediately taken.  In case of Capital goods, upto 50% credit only can be taken at any point of time in a financial year and in any succeeding year or years.

[NEERAJ KUMAR, RANCHI]

There has been no time limit prescribed for taking credit except that in case of capital goods only fifty percent is allowed in the first year. Cenvat credit can be taken immediately on receipt of the goods but it never means that if it is not taken immediately there would be any problem,  it can be taken at any point of time.

[NEERAJ KUMAR, RANCHI]

There has been no time limit prescribed for taking credit except that in case of capital goods only fifty percent is allowed in the first year. Cenvat credit can be taken immediately on receipt of the goods but it never means that if it is not taken immediately there would be any problem,  it can be taken at any point of time.

[krishnamachari venugopal]

There is no time limit for availing service tax credit. Service Tax bills dated upto 30.06.2011 must have been paid for service tax credit availment. Bills dated after 01.07.2011 can be availed even before payment made for the same, provided payment for the bill must be paid within 90 days of  the Bill Date.Otherwise credit so availed has to be reversed.

[NK SHETE]

I do agree that the  Cenvat Credit Rule, 2004 specified no specific time span within which credit has to be availed. But the Rules mentions that credit has to be  availed IMMEDIATELY. 

I do agree with opinions of other learned persons regarding availment of CG and ST Credit.