excess credit taken in capital goods
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2011
Dear Sir,
I had wrongly taken 100% cenvat credit on capital goods in past F.Y.2010-2011 can anyone tell me how much penalty will be imposed?
Neetu.
I had wrongly taken 100% cenvat credit on capital goods in past F.Y.2010-2011 can anyone tell me how much penalty will be imposed?
Neetu.
S.P.Mahanta
(Expert)
07 July 2011
wef 1st Apl'10, SSI units entitled to avail 100% Cenvat Credit on Capital goods in year of receipt.
Capital goods on which no cenvat credit availed in ist year due to indvertence, 100% cenvat credit credit can be availed in subsequent yr.
If availment is covered under any of two instances stated above, no reversal / interest / penalty applicable.
In any other case, 50% reversal of excess credit availment, interest & penalty applicable
Capital goods on which no cenvat credit availed in ist year due to indvertence, 100% cenvat credit credit can be availed in subsequent yr.
If availment is covered under any of two instances stated above, no reversal / interest / penalty applicable.
In any other case, 50% reversal of excess credit availment, interest & penalty applicable
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