unutilised input in service tax
This query is : Resolved
06 June 2011
we are set off input service in output service, but reversed the input service tax, paid output service tax with interest but Deputy commissioner of Service tax is saying interest to be pay on wrong input service tax please give me clarification and suggest me how to come out from this situation.
06 June 2011
In circular no 942/03/2011 cx dated 14/3/2011 wherein the board has clarified that interest would be recoverable under rule 14 of the CENVAT Credit Rules 2004 when credit has been wrongly "taken" even if it has not been utilized. Therefore the interest can be recovered but as the output tax paid with interest is equivalent to CENVAT Credit with interest. Therefore it has to be explained to the department that the output tax with interest offered is for reversal of CENVAT Credit
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