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Reversal of ITC
suppose if I took excess ITCin 3B because of just clerical error like 3 lakh ITC become 30 lakh then am I liable to pay interest? even I have enough ITC balance in credit ledger even if I would have taken correct ITC of 3 lakh?
Replies (4)
Yes...
If the amount is huge the same can be disputed, positive case law in earlier period" CCE & C Vs Precot Meridian Ltd 2015 (325) E.L.T. 234 (S.C.) in this decision also it is held that reversal of Cenvat/Modvat credit amounts to non-taking of credit."
YES
thank you
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