Wrong cenvat credit taken in previous years
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2013
Hi friends,
My question is cenvat credit was wrongly taken in previous assessment years, but it come to known in current assessment year by audit of excise dept.
How can we treat the said issue, whether we 1) can reverse it with available cenvat credit in previous assessment years.
2) No cenvat credit available in previous assessment years but available in current assessment year.
3) need to pay in cash with interest.
My question is cenvat credit was wrongly taken in previous assessment years, but it come to known in current assessment year by audit of excise dept.
How can we treat the said issue, whether we 1) can reverse it with available cenvat credit in previous assessment years.
2) No cenvat credit available in previous assessment years but available in current assessment year.
3) need to pay in cash with interest.
26 September 2013
You should reverse the cenvat credit with interest. If no cenvat credit then pay from PLA account.
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