Wrong credit of cenvat
Dipesh (Executive) (1018 Points)
06 November 2014
we taken wrong availment of credit and now we made debit entry for settlement, may have we want to pay interest??
3 Replies
CA AnKiT BoHrA (AB)
(Manager)
(25955 Points)
Replied 06 November 2014
yes you had to pay pentalty as interest along with the original due duty..!!
Anand Khetan
(Chartered Accountant)
(21 Points)
Replied 07 November 2014
You have to see whether the amouny of incorrect cenvat credit availed was utilized or not. if you have utilized it, then interest will come. in case you did not utilize it and it was mere incorrect availment, then no interest is payable a per amended rule 14 of CCR
Manoj Agarwal
(Service Tax Consultant Rourkela ServiceTaxExpert@yahoo.com)
(3456 Points)
Replied 07 November 2014
Correctly explained by CA Anand Khetan. No need to pay interest or penalty just for wrong availment of cenvat credit.
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