Time period for utilization and booking of cenvat credit
This query is : Resolved
04 June 2012
We are registered private limited manufacturing company. We have avialed some input service under rule 2(I)of CCR 2004 in the month of april 2012. Errenousely we have neither booked nor utilized ST paid on it as Cenvat, in the month of april 2012 and filed ER-1 for the month of april 2012 as nil Cenvat credit available. Now we want to book and utilize this ST as cenvat to pay the excise duty for the month of may 2011.
Whetehr it is possible or not.Please help
Whetehr it is possible or not.Please help
05 June 2012
Yes, this can be done. Practically there is no time limit for availment/utilisation of Cenvat Credit. However some case laws suggest cenvat credit should be utilised within reasonable time which can be construed atleast one year.
05 June 2012
whether we will have to revise the return of last period, to book the cenvat credit?
05 June 2012
Why so?? Avail/utilise the input credit in the current or next month. As there is no need to change any figure of last month's return, no need to revise the return.
05 June 2012
thanks sir.
06 June 2012
ONCE YOU FILE EXCISE RETURN ON LINE THE SAME CAN NOT BE CHANGED OR REVISED.
YOU HAVE TO SHOW THE AMOUNT OF CENVAT CREDIT IN YOUR MAY 2012 RETURN AND FILE YOUR RETURN.
YOU CAN USE THIS CREDIT IN MAY 2012 ITSELF OR AFTER WARDS AS PER YOUR REQUIREMENT.
THE IMPORTANT IS AT THE TIME USING THIS CREDIT YOU MUST HAVE EDEQUATE BALANCE TO THE EXTENT OF AMOUNT TO BE UTILISED AND THE SAME SHOULD BE REFLECTED INTO YOUR MONTHLY RETURN.
IF YOU YOU HAVE NOT SHOW THE FIGURED AVAILED AS CENVAT CREDIT, YOU CAN UTILISE CREDIT TO THE EXTENT OF BALANCE AVAILBLE IN YOUR CREDIT ACCOUNT REGISTER , REMAINING EXCISE DUTY HAS TO BE PAID BY CHALLAN THROUG CASH FAILING WHICH WILL BE SHORT PAYMENT OF DUTY WHIC CAN ATTRACT INTEREST AND PENALTY.
HOPE THIS IS CLEAR
YOU HAVE TO SHOW THE AMOUNT OF CENVAT CREDIT IN YOUR MAY 2012 RETURN AND FILE YOUR RETURN.
YOU CAN USE THIS CREDIT IN MAY 2012 ITSELF OR AFTER WARDS AS PER YOUR REQUIREMENT.
THE IMPORTANT IS AT THE TIME USING THIS CREDIT YOU MUST HAVE EDEQUATE BALANCE TO THE EXTENT OF AMOUNT TO BE UTILISED AND THE SAME SHOULD BE REFLECTED INTO YOUR MONTHLY RETURN.
IF YOU YOU HAVE NOT SHOW THE FIGURED AVAILED AS CENVAT CREDIT, YOU CAN UTILISE CREDIT TO THE EXTENT OF BALANCE AVAILBLE IN YOUR CREDIT ACCOUNT REGISTER , REMAINING EXCISE DUTY HAS TO BE PAID BY CHALLAN THROUG CASH FAILING WHICH WILL BE SHORT PAYMENT OF DUTY WHIC CAN ATTRACT INTEREST AND PENALTY.
HOPE THIS IS CLEAR
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
