ICICI

Rectification in st-3


CA Gnanika (CA )     06 September 2012

CA Gnanika
CA  
 62 likes  485 points

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Wrong/ excess input credit has been availed & carried forward for the last few FY in ST-3.

Is there any option to rectify it?

Do we have any option to rectify the ST-3 returns even after the expiry of the time limit for revising the returns.

 

Thanks & Regards

avater

DAYANANDA K N (ACCOUNTS EXCECUTIVE)     06 September 2012

DAYANANDA K N
ACCOUNTS EXCECUTIVE 
 81 likes  575 points

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If you have taken wrong credit than question of revising returns does not arise. You need reverse the credit which you have taken wrongly in you cenvat books. If you have utilised the credit wrongly taken than you have to pay interest @ 18% from date of taking credit till date of reversal. If not utilised than no requirment of paying interest. 

Regards

Dayananda

 


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