TaxTMI 
TaxTMI 
Dear All,
If service bill is 01.07.2011 and we take service tax credit but what implimentation if payment not done 31.12.2011.
is service tax credit reverse ...
if yes, Please send me notification about it. matter is urgent please help......
Cenvat Credit
08 Jul 2011 
3 Replies 
1540 Views Asked by
Guest 
Cenvat credit on receipt of invoice allowed; unpaid invoices require reversal until payment, impacting reverse charge credits.
Cenvat credit is allowed on receipt of invoice, not on payment; if the value of the input service and service tax remain unpaid beyond three months from the invoice date, the credit taken must be paid back and can be re availed only after payment. For services under reverse charge, credit is allowable only upon payment of the input service value and the service tax. (AI Summary)
Cenvat credit is allowed on receipt of invoice, not on payment; if the value of the input service and service tax remain unpaid beyond three months from the invoice date, the credit taken must be paid back and can be re availed only after payment. For services under reverse charge, credit is allowable only upon payment of the input service value and the service tax. (AI Summary)