Time for Service tax credit

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..... Time for Service tax credit
Query (Issue) Started By: - Laxmaiah Vanamamula Dated:- 12-12-2011 Last Reply Date:- 26-12-2011 Service Tax
Got 5 Replies
Service Tax
What is the time(Period Billing date to) Service tax Input Credit Taken on Input/Capital Goods Bills one Year or 6 months? Reply By Pradeep Khatri: The Reply: Though No time has been mentioned in the CENVAT credit Rules, 20 .....

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..... 04 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. Reply By NEERAJ KUMAR, RANCHI: The Reply: There has been no time limit prescribed for taking credit except that in case of capital goods only fifty percent is allowed .....

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..... 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. Reply By NEERAJ KUMAR, RANCHI: The Reply: 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 cr .....

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..... edit 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. Reply By krishnamachari venugopal: The Reply: 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 01.07.201 .....

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..... 1 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. Reply By NK SHETE: The Reply: 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 .....

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..... agree with opinions of other learned persons regarding availment of CG and ST Credit.
Discussion Forum - Knowledge Sharing .....

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