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Service Tax Input Credit

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(Querist)
08 December 2009 A Caompany has claimed input tax credit by mistake.

Are there any penal provisions?

What is the procedure for rectifying the mistake? A Revised return?Within what time?
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
08 December 2009 you can reversed service tax excess credit taken wrongly in next month with interest.

no need to go back.
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Azmathullah Khan

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Azmathullah Khan (Expert)
08 December 2009 You can pay the correct amount in your next challan, with interest.
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