Reversal of cenvat credit
bhupen (student) (47 Points)
30 September 2015
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 30 September 2015
Question not clear.
bhupen
(student)
(47 Points)
Replied 30 September 2015
Niraj Kumar Sinha
(Sr. Officer, SPSIL)
(648 Points)
Replied 30 September 2015
Yes it can be reversed. There is no penalty for this. If it is reversed on account of wrong availment of CENVAT Credit then interest will be charged. If this is reversed on account of As such Sale or Purchase return, then no interest will be charged.
bhupen
(student)
(47 Points)
Replied 30 September 2015
Niraj Kumar Sinha
(Sr. Officer, SPSIL)
(648 Points)
Replied 01 October 2015
You can reverse CENVAT credit with a proper note and if this CENVAT is unutilised then no interest will be paid.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India