Excess cenvat credit taken by mistake
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 December 2012
Dear Sir
By mistake we had taken a cenvat credit in April 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 found while reconciliation. Now how 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 out
Thanks
By mistake we had taken a cenvat credit in April 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 found while reconciliation. Now how 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 out
Thanks
08 December 2012
input can be taken immediately after receive the material,
before receive the material, if you taken the cenvat credit,under rule 14 of CC 2004, you need to pay interest
before receive the material, if you taken the cenvat credit,under rule 14 of CC 2004, you need to pay interest
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