shriniwas (Accountant) (70 Points)
18 May 2013Dear all
My accountant taken wrong credit of service tax and utilized against excise duty liability now it has been reversed.
is there any interest liability and if yes rate and time period.
and accounting code for payment of interest
excess credit taken on manpower service.
satya
(Executive Excise)
(1839 Points)
Replied 18 May 2013
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 18 May 2013
| Originally posted by : sathya | ||
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Dear Shrinivas, First of all you have tell, on which date wrong cenvat credit taken, suppose prior to 17-Mar-2012, Interest liability arise. Rule 14 of CCR is ammended on 17-Mar-2012 vide Notfn.no.18/2012 CE (NT) as 11. In rule 14 of the said rules, with effect from the 17th day of March, 2012,- (a) for the words ―taken or utilised wrongly‖, the words ―taken and utilised wrongly‖ shall be substituted; after 17-Mar-2012, if u have utlised that wrong credit , then only Interest liability arise for the period when u have taken, when u have reversed. |
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AGREED.
CAclubindia
