TaxTMI 
TaxTMI 
Availment of Input credit or apply for refund
03 Apr 2006 
2 Replies 
1188 Views Asked by
Guest 
Input tax credit can be claimed retroactively if bona fide omission is shown and delay is reasonable.
Availability of input credit for a prior service tax period is permitted if the taxpayer can establish a bona fide omission and a reasonable delay; the taxpayer should be prepared to substantiate the explanation with documentation, since temporal limits are not precisely defined and the acceptability of retrospective adjustment is fact sensitive. (AI Summary)
Availability of input credit for a prior service tax period is permitted if the taxpayer can establish a bona fide omission and a reasonable delay; the taxpayer should be prepared to substantiate the explanation with documentation, since temporal limits are not precisely defined and the acceptability of retrospective adjustment is fact sensitive. (AI Summary)
My query is regarding Input Credit. A Co. ABC paid service tax in the year 2004-2005. And the same amount were not taken as credit because of mistake. And now the Co. wants to settle down the service tax liablity for the year 2005-2006 , is it possible to take the credit or Co wil have to apply for refund. Thx.