Interest on cenvat credit claim
This query is : Resolved
Ajeet Chauhan
(Querist)
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
Arun Kumar Singh
(Expert)
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Capital gains in IT returns
- ETDS return q4 25-26
- Import Order Cancelled.
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
- 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
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
