Query related to er1 return.
This query is : Resolved
Sultan Mohiuddin
(Querist)
10 January 2016
One of our clients has availed excessive cenvat credit in the previous month. Since it cannot be revised we had to submit a letter to the range officer giving him the correct calculation to rectify the error. Now, we haven't received any confirmation from the range officer w.r.t this matter.
Now my question is, for the this month's return, should I consider the incorrect closing balance as the opening balance - or should I take the opening balance as the one submitted to range officer.
Answers with some would be really appreciated.
Thanks in advance.
Now my question is, for the this month's return, should I consider the incorrect closing balance as the opening balance - or should I take the opening balance as the one submitted to range officer.
Answers with some would be really appreciated.
Thanks in advance.
18 January 2016
You should consider actual opening balance as on this month starting. You can reverse this excessive credit through cenvat balance if you have huge balance other wise you have to pay interest on this excessive amount.
Sultan Mohiuddin
(Querist)
20 January 2016
Will we need to pay the interest even if we have not utilised the credit? Company hasn't begun sales yet so there's no output and hence no utilisation. As of now now input credit is availed.
14 March 2016
If you are not utilised this availed credit then no need to pay interest.
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