04 June 2012
We are registered private limited manufacturing company. We have avialed some input service under rule 2(I)of CCR 2004 in the month of april 2012. Errenousely we have neither booked nor utilized ST paid on it as Cenvat, in the month of april 2012 and filed ER-1 for the month of april 2012 as nil Cenvat credit available. Now we want to book and utilize this ST as cenvat to pay the excise duty for the month of may 2011.
05 June 2012
Yes, this can be done. Practically there is no time limit for availment/utilisation of Cenvat Credit. However some case laws suggest cenvat credit should be utilised within reasonable time which can be construed atleast one year.
05 June 2012
Why so?? Avail/utilise the input credit in the current or next month. As there is no need to change any figure of last month's return, no need to revise the return.
06 June 2012
ONCE YOU FILE EXCISE RETURN ON LINE THE SAME CAN NOT BE CHANGED OR REVISED.
YOU HAVE TO SHOW THE AMOUNT OF CENVAT CREDIT IN YOUR MAY 2012 RETURN AND FILE YOUR RETURN.
YOU CAN USE THIS CREDIT IN MAY 2012 ITSELF OR AFTER WARDS AS PER YOUR REQUIREMENT.
THE IMPORTANT IS AT THE TIME USING THIS CREDIT YOU MUST HAVE EDEQUATE BALANCE TO THE EXTENT OF AMOUNT TO BE UTILISED AND THE SAME SHOULD BE REFLECTED INTO YOUR MONTHLY RETURN.
IF YOU YOU HAVE NOT SHOW THE FIGURED AVAILED AS CENVAT CREDIT, YOU CAN UTILISE CREDIT TO THE EXTENT OF BALANCE AVAILBLE IN YOUR CREDIT ACCOUNT REGISTER , REMAINING EXCISE DUTY HAS TO BE PAID BY CHALLAN THROUG CASH FAILING WHICH WILL BE SHORT PAYMENT OF DUTY WHIC CAN ATTRACT INTEREST AND PENALTY.
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