Service tax liability of creditors to be reduced on pro rata basis as per Resolution Plan for settlement of creditor’s claim: HC

EXCISE/ST/VAT : When the Resolution Plan provides for settlement of operational creditor's claim at 20.5% of the outstanding amount and credit taken on amount of service tax paid, reversed; service tax liability of creditors ought to be reduced on pro rata basis, amount already recovered should be appropriated and excess amount of service tax must be refunded

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