Duty paid thru cenvat credit
This query is : Resolved
SATYA NARAYAN AGARWAL
(Querist)
24 January 2013
We are manufacturing fertiliser as well as Sulpuric Acid. We are paying duty @1% on fertiliser and no input credit is being availed On input for mfg. of fertiliser as per notification no 01/2011 dt 01.03.11.
However payment of 1% duty made from cenvat credit instead of cash as required under rule 3(4) cenvat credit rules 2004.
When noticed we started payment in cash from oct’2012 onwards.
Now the commissioner issued shocause notice mentioning that payment is illegal and liable for interest and penalty.
Kindly advise.
However payment of 1% duty made from cenvat credit instead of cash as required under rule 3(4) cenvat credit rules 2004.
When noticed we started payment in cash from oct’2012 onwards.
Now the commissioner issued shocause notice mentioning that payment is illegal and liable for interest and penalty.
Kindly advise.
24 January 2013
whether you have already reversed the cenvat credit which was utilised for the payment prior to Oct'12, if not firs reverse it , intt would be payable but penalty can be waived if cenvat reversed & duty paid along with Intt
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
