CA Gnanika (CA ) 06 September 2012
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
DAYANANDA K N (ACCOUNTS EXCECUTIVE) 06 September 2012
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.