Penalties

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2009 Company has taken wrong credit of service tax.
but the mistake is found and reverded by the Dept. Auditors.

what is the amount of penalty for this under what section ?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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10 December 2009 Recovery of service tax credit.- Where the service tax credit has been wrongly availed or utilized or service tax has not been paid by the input service provider for any reason, whatsoever, such credit along with interest shall be recoverable from the person availing such service tax credit and the provisions of section 73, 75, 76 and 78 of the Act shall apply mutatis mutandis for effecting such recoveries

amount of penalty depend to reaseon and sutuation after examine or verification it should be decided. not more than 100%