Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

100% capital goods

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2013 Quarie 1
In Audit Absorvation
in our co., in one financial year we have take 100% cenvat credit
& it is not under SSI Unit . While audit is going on auditor retificated
and they are telling to reserve the Cenvat amount & to pay intrest.
now my query is if I taken in one financial 100% on capital goods
I should to reverse excise & to pay intrest also.
or
Quarie 2
I ll pay intrest part & I ll show in return. & I ll not reverse excise amount .
it ll be any problem to us.

I need solution & and I required any judgement made on this Quaries

Arun Kumar Singh

Arun Kumar Singh (Expert)

04 June 2013 You should take the 50% cenvat credit on capital goods in first year and 50% credit in next year. But now you will pay the interest on 50% of the cenvat credit amount.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2013 Sir i should reverse cenvat amount also

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now