Wrongly 100% credit taken in rg23c account & utilized

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2011 Hi,
We have availed the 100% credit in our RG23C account of Rs. 525723.
Now that is come to our knowledge & we wants to pay the interest for the same.
So, pl. clarifies how to calculate the interest for the same.

U S Sharma

U S Sharma (Expert)
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05 August 2011 if the credit is mere taken and not utilized then write to AO, that the credit is taken for ease of accounting policy and u undertake not to utilize the same unless the 1 year completes.

if you have utilized the credit, then department will enforce you to reverse the 50% credit with interest ...which would be a unpleasent situation as once reversed, you would stand in dark and not to re-credit the same.

Get in touch with R/O and get his advise for proper handling.

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2011 we want to pay the interest for this, hence pl. let me know the codes

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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11 August 2011 Duty can be paid in a lump sum at the end of the month and before the 15th day of the next month. Duty is to be paid to the notified bank in the area under a TR-6 challan. (See format below) This challan should definitely contain number in seriatum for the Financial Year starting with Serial number 1 It should also have the head of accounts (in numbers), assessee’s ECC number, branch bank code, focal point code and any assessees number allotted by the Commissionerate. The SSI will be given the triplicate copy for his record and the quadruplicate copy which is to be given to the Range Suptd., with the RT-12 that the quarterly return. Duty can also be paid by debit entry in RG-23A or RG23 C for those SSIs who are availing of CENVAT credit.

https://cenexcisenagpur.nic.in/Excise/ssi.htm

https://www.eximguru.com/exim/central-excise/excise-rules/chapter-vii-a-removal-of-excisable-goods-on-determination-of-duty-by-producers.aspx

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