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.
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