TMI BlogReversal of Input Credit interest and penalty is applicableX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ? - Reply By Ganeshan Kalyani - The Reply = If the amount is nominal it is bett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 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. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Whether it is for service tax or for VAT? - Reply By Ganeshan Kalyani - The Reply = From the word utilised I misinformed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reply. I request to ignore my previous reply. - Reply By Ganeshan Kalyani - The Reply = Dear Muniraj VAT is state subject and therefore I request you to mention the state for which you are referring the issue to. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Shri Muniraj is from Bangalore. Therefore it may Karnataka VAT. Mr. Muniraj, please confirm. - Reversal of Input Credit interest and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty is applicable - Query Started By: - MUNIRAJ SRINIVASAN Dated:- 15-12-2015 Value Added Tax - VAT-CST - Got 5 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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