Service Tax credit reverse

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2010 We are Casting manufacturer & our unit is Excise Duty payable unit. We are taking Cenvat Credit on Inputs & Utilising for duty payment also we are taking services from outside parties. Parties are charging Service Tax in Invoices & we are taking credit of same & Utilising for Ex.Duty Payment but now the Cenvat Credit taken of service tax is inadmissible due to wrongly taken credit of invoice which was in name of our sister concern hence we want to reverse the Service Tax credit but there is no sufficient balance to Service tax Input account. Then how the payment we made.

Ritesh Goyal

Ritesh Goyal (Expert)
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14 April 2010 Hi...

In that case you need to make the payment of service tax alongwith interest at the rate of 13%. If the cenvat credit register does not have sufficient balance, then you need to pay balance amount in cash through GAR-7 challan.

you can download same from cbec.gov.in site.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 April 2010 AGREE

Ritesh Goyal

Ritesh Goyal (Expert)
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14 April 2010 Thanks.

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