Interest on cenvat credit claim
This query is : Resolved
11 July 2014
A firm claim the Cenvat Credit on Machinery and use these machinery for Job Work during the year of Installation (i.e.2011-12) and next year(2012-13). Sales Bills are raised from Next year(i.e. Sept.2012). My Question is that is there any liability arise as per Excise as like reversal of Cenvat Credit for such period or Interest on Cenvat Credit which is taken on Machinery for such period.
Regards
Ajeet
A firm claim the Cenvat Credit on Machinery and use these machinery for Job Work during the year of Installation (i.e.2011-12) and next year(2012-13). Sales Bills are raised from Next year(i.e. Sept.2012). My Question is that is there any liability arise as per Excise as like reversal of Cenvat Credit for such period or Interest on Cenvat Credit which is taken on Machinery for such period.
Regards
Ajeet
15 July 2014
If you have taken the cenvat credit after purchasing of capital goods. At the time of sale of capital goods you should reverse the cenvat credit at the rate of 2.5% per quarter.
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Minimum tax payable to file Updated return
- Tds on commission charges
- Tax rate change regarding
- Renovation exp. in flat by family member
- New GST registration for new place of business.
- FAST-DS Scheme - Foreign Assets
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- 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?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
Quick Links
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
