9911796707
TMI BlogUTILIZATION OF CENVAT CREIT OF ST AND ED BEYOND 6 MONTHS AND 1 YEARX X X X Extracts X X X X X X X X Extracts X X X X ..... UTILIZATION OF CENVAT CREIT OF ST AND ED BEYOND 6 MONTHS AND 1 YEAR X X X X Extracts X X X X X X X X Extracts X X X X ..... .AND FROM 1-4-15 WHOSE INVOICE DATE IS MORE THAN A YEAR OLD . PRATHIT MAINI Reply By Arun Kumar Singh: The Reply: Now the time limit of taking cenvat credit is one year from the issuing of invoice with effect from 1.3.2015. Reply By prathit maini: The Reply: BUT WHAT ABOUT INVOICES DATED BETWEEN 1 SEP 14 TILL 31 MARCH 15 Reply By PARTHASARATHY V: The Reply: Hi Prathit Maini There is a co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndition for taking Cenvat Credit (within one year form the date of Invoice for availing credit) but there is no limitation to utilize the same. Also you have to keep in mind, the CESS and SHECES accumulated till 31st Mar 15 is not permissible to use. But the same received after 1.4.15 it can be availed. Reply By Yash Goyal: The Reply: Dear Prathit, For the invoices raised up to 28th February 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 015, the time limit of six months will apply. For invoices raised on or after 1st March 2015, the time limit of one year will apply. As pointed out by Mr. Prathasarathy, the said limit is for taking the credit and not for utilizing the same. i.e. the credit needs to be reflected in the return within the above time limits. Once the credit has been taken, then there is no time limit for utilizing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he same to discharge liability of excise / service tax. Further regarding the restriction on utilization of cess. In case the output liability is of excise, the cenvat credit of cess on inputs and input services received prior to 01st March 2015 (and not 31st March 2015) and pending to be utilized as on 1st March 2015 cannot be utilized as there will be no output liability of cess post 1st March ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2015. In case the output liability is of service tax, then cess is applicable up to 31st May 2015. Hence credit of cess will be capable of being utilized till this date, post which the credit cannot be utilized as there will be no output liability of cess. Cess charged on inputs/ input services received post 1st March 2015 (in case of manufacturers) is eligible as per notification no 12/2015 - C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... E. Also note that in case there is credit of cess pending to be utilized as on the above mentioned dates, then you may avail the same by reflecting in the returns and carry forward the same. In case there is any old matter wherein demand gets raised on assessment / audit or any other reason, then you may be able to utilize the balance credit, subject to fulfilment of all other conditions. Thanks ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... & Regards CA Yash Goyal Reply By prathit maini: The Reply: Thanks allot Sir PARTHASARATHY V and CA Yash Goyal for your guidance and precious time. But sir I also want your advice regarding exemption limit of gta in case of service tax liability , i.e when is limit of RS 750 is applicable and when is limit of ₹ 1500 applicable . Thank you Regards Prathit maini Reply By PARTHASARATH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Y V: The Reply: Hello Prathit Maini, As per the Notification No.25/2012 sub clause (b) & (c) of serial No.21 grant full exemption form tax in the following situations. (a) where the gross amount charged on goods transported in a single goods carriage does not exceed ₹ 1500.00; (b) where the gross amount charged for transportation on a single consignment of all such goods for a single con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signee does not exceed ₹ 750.00 Single consignee ( One consignment or more than one consignments) in single journey should not exceed ₹ 750.00. Hope it is clarified your quarries. Reply By prathit maini: The Reply: Thanks PARTHASARATHY V ,it is clear now that if a gta is taking a single consignment and delivering it to a single consignee then limit of ₹ 750 will apply . Regar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds
PRATHIT MAINI X X X X Extracts X X X X X X X X Extracts X X X X
|
