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TMI BlogTIME LIMIT FOR CENVAT CREDIT UNDER RCMX X X X Extracts X X X X X X X X Extracts X X X X ..... Per CENVAT Rule 2004, time limit for taking credit is one year from the the date on which the Invoice is received from the Supplier. Whether this one year time limit for taking CENVAT credit is applicable for tax paid under reverse charge mechanism also. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = There is no specific rule for taking credit for taking CENVAT credit in respect of RCM but s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome authorities are of the view that it should be one year from the date of invoice. My view is no invoice is raised for RCM and as such the Rule of limitation will not applicable to RCM. - Reply By Ganeshan Kalyani - The Reply = In my view the one year criteria in case of reverse charge would be from the date of payment of service tax. - Reply By CS SANJAY MALHOTRA - The Reply = Rule 4(7) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of CCR 2004 is self explanatory as the same specifies the period of 1 year for the purpose of availment of CENVAT Credit in respect of any of the document issues under Rule 9 . In case of reverse charge, CENVAT Credit is admissible on the basis of TR-6 challan as and when the tax is paid. Hence, period of 1 year commences from the date of payment of Tax under reverse charge. Furthermore, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here the Service Tax has been paid under reverse charge and CENVAT Credit has been availed within a period of 3 months from issue of invoice date, but the payment has not been made within 3 months, CENVAT Credit needs to be reversed or paid back. The same may be reclaimed when the payment has been made to supplier and henceforth period of 1 year limitation does not apply. - Reply By Suryana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rayana Sathineni - The Reply = I concur with the views expressed by the experts in Sl. Nos. 2 3 of the response to thequery. Best Regards Suryanarayana - Reply By YAGAY AND SUN - The Reply = Agreed with the replies of learned friends. - Reply By Ramachandran Chandru - The Reply = Are we eligible to take credit of tax paid under RCM when the payment for service provider is not paid. - Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply By MARIAPPAN GOVINDARAJAN - The Reply = When the service tax under RCM is paid, in my view, credit may be taken even though the bill amount is not paid to the service provider. - TIME LIMIT FOR CENVAT CREDIT UNDER RCM - Query Started By: - Ramachandran Chandru Dated:- 8-12-2016 Service Tax - Got 7 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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