tell me that if balance of CCR has debit balance then why we call it cenvat credit not cenvat debit
CA Rahul Mittal (na) (253 Points)
05 July 2010tell me that if balance of CCR has debit balance then why we call it cenvat credit not cenvat debit
srinath
(Article trainee)
(1433 Points)
Replied 08 July 2010
Dear Mr. Rahul,
cenvat credit should never have debit balance since we can utilise only wat we have...
if through wrong utilisation ie excess utilisation it goes to debit it is stil cenvat credit. just cos a debtor has paid advance money he cannot be treated as creditor, he is a debtor with a credit balance. this logic applies here also
hope this clarifies
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