TaxTMI 
TaxTMI 
TaxTMI 
Input tax credit on service tax bills
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....nput tax credit on service tax bills<br> Query (Issue) Started By: - jagadesh kumar bhojanapalli Kumar Dated:- 20-2-2015 Last Reply Date:- 25-2-2015 Service Tax<br>Got 7 Replies<br>Service Tax<br>The 100% EOU company had received invoice date is 23.08.2014 for taking credit is 6months time bar so we can take credit in this month or not any reversal is to be made or not since we have not made p....
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....ayment to service provider Reply By Pradeep Khatri: The Reply: Dear Jagadesh, You may take CENVAT credit within time limit of 6 months and make payment within 3 months from the date of taking CENVAT credit. In case of non payment or non compliance then you would have to reverse the CENVAT credit. Regards, YAGAY and SUN (Management, Business and Indirect Tax Consultants) Reply By jagadesh kum....
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....ar bhojanapalli Kumar: The Reply: Thank Youand could you confirm me whether after making payment to service provider shall we take re-creditand confirm Reply By Pradeep Khatri: The Reply: Dear Sir, You can avail the CENVAT credit after making the payment but within the period of Six months. Regards, YAGAY and SUN (Management, Business and Indirect Tax Consultant) Reply By Naveed S: The Reply:....
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.... Yes, you can avail re-credit after making payment to service provider, as per the details explained above. Reply By jagadesh kumar bhojanapalli Kumar: The Reply: We have little bit confusion further pl. clarify the following :We shall take credit by before 22nd Feb., 2015 that means with in 6months .Service Provider had already paid service tax component to Govt.Suppose Company doesn't make....
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.... payment with in 3months i.e., from 23.2.2015 to 22.5.2015 we shold reverse the same. Finally when we makes payment to service provider , we will take re-credit . It is Ok (Notifn.No.21/2014-CE(NT) dtd,11.07.2014and Circular No.990/14/2014-CX-8 - does not speak for re-credit) regards, Reply By Pradeep Khatri: The Reply: Dear Jagadesh, Yes, law is silent on this matter. You may get the clarificat....
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....ion from the Jurisdictional Commissioner or CBEandC or TRU in this regard. Regards YAGAY and SUN (Management, Business and Indirect Tax Consultants) Reply By Ramanujam Varadarajan: The Reply: Credit can be availed within 6 months of invoice date. Payment to service provider ought to have been made within 3 months from the date of invoice. Credit taken immediately on receipt of invoice should ....
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....be reversed if payment is not made within 3 months. Re-credit is permissible after the payment and time limit of 6 months is not applicable for re-credits.<br> Discussion Forum - Knowledge Sharing ....