Menu
Excess Availment of CENVAT Credit
Hi to all,
my query is as follows,
A has taken CENVAT credit of Rs.10000(Based on Excise Invoice) during 2007. However he has paid only Rs.6000/- to his supplier. Hence there is an excess availment of credit to the extent of Rs.4000/-.(As per Excise Invoice ED Is Rs.10000/-)
What i feel is that Rs.4000/- must be paid to the supplier. If this is done, there would be no excess availment
Replies (1)
In case of Excise invoice if the purchaser has not paid even a single penny to the seller, once a excise invoice is issued the purchaser is eligible for the cenvat credit. So whether the seller has received only Rs. 6000/- or Rs. 10000/- is irrelavent.
But in case of Service tax the credit can be availed only in reciept of the payment.
Recent Topics :
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
Related Topics :
CAclubindia
