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Credit vs Re-credit - Days of future past?


Is the 6 month time frame app to re-credit

Very good piece from Mr Pritam.

The view that the six month period is not applicable in respect of the re-availment of credit based on the payment for the input services could be litigation prone, as this could defeat the very purpose of brining in the six month rule for credit availment. It might be extremely risky to go by this view, for compliance purposes, given the high interest rates. And, now that, this issue has been brought out in the public domain, we should expect some response from the Revenue to rectify this apparent drafting error.

Industry should press for the delinking of the payment, vis-a-vis the availment of credit. If service tax is payable by the service provider on accrual basis, where is the justification for linking the service recipient's eligibility to avail credit to the payment for the services? If the VAT law can allow input tax credit on receipt fo the input invoices, why can't the service tax law follow the same logic, especially, when so much is talked about GST?

Sivakumar, Advocate

SUBRAMANI SIVAKUMAR 09/08/2014

 

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