Unpaid Input Service Tax in FY 2010-11

[Guest]

I want to clarify can we carry forward input service tax for cenvat purpose in next year or reverse it in Profit & Loss Account. Explanation: All the input Service Tax which not paid upto March 2011 can be claimed in next year means 2011-12 . Thanks in advance

AI Summary

Unutilized CENVAT Credit from FY 2010-11 Can Be Carried Forward; No Reversal Needed in Profit & Loss Account. A user inquired about the treatment of unpaid input service tax for the financial year 2010-11, specifically whether it can be carried forward for CENVAT purposes or needs to be reversed in the Profit & Loss Account. A respondent clarified that unutilized CENVAT credit can indeed be carried forward to the next financial year, and there is no requirement for its reversal. The user sought further clarification on handling unpaid input service tax at the end of any financial year.