I have a mfg. company and paying excise too. in 2007-08 i purchased a machinery and credited my excise duty charged amount to PLA register for claiming mod vet of capital goods.
but wrongly my accountant forget to enter in books and depreciation charged on whole amount. At the time of Excise audit this point arise and now they are demanding excise duty (credited) amount reverse with interest. how can we save this ?
If Cenvat Credit wrongly taken is reversed before issue of show cause notice, interest is not payble.
Hello
if u r worngly availed cenvat credit of Capital Goods or Rawmaterial is reversed before audit abservation , you can save the Intrest, Excise Auditors findout this point you can Pay intrest Trough PLA Only.
Murthi
Hai All,
Please give me any one Excise rule and rates
venkat
Dep is 2.5% per Qutar, this is for Capital goods removed or discarged as such then only aplicable
Murthi
CAclubindia
