Cenvat credit
This query is : Resolved
RAKESH KUMAR
(Querist)
08 December 2012
By mistake we had taken a cenvat credit in October 2012 towards the transporter copies of our vendor but in actual the material has not been received & transaction will never happened in future. In this case we have mistakenly taken excess credit. It has been cleared while reconciliation. Now haw can we reverse the credit? Is there any procedure to reverse the same. Also the accounting entry has not been passed in books as the tax invoice was not received. Please help us o
Read more at: h
rakesh
Read more at: h
rakesh
Arun Kumar Singh
(Expert)
11 December 2012
Before utilization of cenvat credit you have to reversed the credit then no need to pay interest on that cenvat credit.
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