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Reversal of Input Credit interest and penalty is applicable, VAT + CST |
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Reversal of Input Credit interest and penalty is applicable |
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Dear sir, My client is wrongly availed input credit of ₹ 130000 for the month of Oct 2015 but he is not utilized the credit amount but next month Nov 2015 he was reversed the said amount department of Commercial Taxes put penalty and interest for said amount is applicable ? if any provision/ Case law is there ? Posts / Replies Showing Replies 1 to 5 of 5 Records Page: 1
If the amount is nominal it is better to pay interest. and for penalty if you had reversed the credit and paid interest before issue of any notice from department then no penalty is leviable. plethora of case law is available for such scenario. This is my view.
Whether it is for service tax or for VAT?
From the word utilised I misinformed the reply. I request to ignore my previous reply.
Dear Muniraj VAT is state subject and therefore I request you to mention the state for which you are referring the issue to.
Shri Muniraj is from Bangalore. Therefore it may Karnataka VAT. Mr. Muniraj, please confirm. Page: 1 Old Query - New Comments are closed. |
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