Service tax credit wrongly taken

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.

Originally posted by : sathya
	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.

AGREED.