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Interest on reversal of cenvat credit

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(Querist)
10 July 2017 One of the clients has availed credit on input services. But not able to fully utilise the same. Now they want to reverse the input credit available. amount is around 1.40 crs. If they reverse in the books of accounts they will be able to get income tax benifit and save taxes upto 30%. but in regard to service tax return, if they reverse the same, is the interest leviable on reversal amount?
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Sonal

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Sonal (Querist)
10 July 2017 If yes then what is periodicity of interest?
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
01 August 2024 https://docs.google.com/document/d/1mAqPmn6xj90KFhYyuLTDHJtqZZEfzqEqddyrSgEak14/edit?usp=sharing
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