Lalit Sangani (M.Com. Asst. Manager Account) (736 Points)
08 April 2014Hello Dear,
I have wrongly credit taken Rs. 12000/- of Education cess Hr. education cess on import material dated 15/10/2013, and Utilised that amount in oct month.
I have found this mistake on 7/4/14, Can I reversed this amount from available of basic cenvat amount and how many days will be calculated for interest.
Thnx
Rakshit
(practising)
(338 Points)
Replied 09 April 2014
1.Whether credit in basic account (12%) was always available more than Rs.12000/-till April,2014 2.If yes, you can debit without any interest And intimate the dept. to avoid penalty. 3. If there was balance below the amount in question and continued above 30 days, then you may face great problem because Rule 8(3A) of Central Excise Rules,2002 provides that in such case, party has to deposit excise duty only in cash due on all goods till the dae of short payment good alongwith interest.
Raksh*t
9810525780 888 281 281 8
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 05 June 2014
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
