Worngl utilizaton of cenvat credit
This query is : Open
29 September 2009
The service tax credit can be utilized only after payment of invoice and service tax part to the vendor. In case, before payment to vendor, the credit has been utilized against the liability what would be the consequences and under which rules / sections?
03 October 2009
It would be under Sec 73 as well as under CCR. You should find out the excess utilised and pay the same along with the applicable interest to avoid further exposure.
05 October 2009
Further, would it possible to take the benefit (utilization) in future of wrongly credit taken earlier after considering the interest on the above. Or the utlization in respect of such invoices can't be taken and will lapsed.
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