cenvat credit
This query is : Resolved
sanchit madan
(Querist)
16 April 2011
Is there any difference between reversal of cenvat credit and payment of cenvat credit already availed? plz explain this with reference to concept of removal of capital goods as such(provide accounting entries for the same)
rajula gurva reddy
(Expert)
17 April 2011
Reversal of Cenvat Credit and payment of Cenvat Credit already availed is one and the same. For clearance of the capital goods,one can utilise the Cenvat Credit balance if available or can pay the duty through cash (challan)
20 April 2011
Reversal is reversing proportionate cenvat credit while sending back materials to supplier. Paying is the duty payment utilizing cenvat credit available. Refer Rule 3(5)(5A)(5B)of Cenvat Credit rules, 2004.
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