banner_ad

Wrong credit of cenvat

EXICSE (Legacy) 832 views 3 replies
User Avatar

Executive
1021 Points Posted on 06 November 2014
we taken wrong availment of credit and now we made debit entry for settlement, may have we want to pay interest??
0 Reply Share Follow
On 06 November 2014 at 16:13 Report
Replies (3)
User Avatar

Manager
25955 Points Posted on 06 November 2014

yes you had to pay pentalty as interest along with the original due duty..!!

Reply
On 06 November 2014 at 16:16
User Avatar

Chartered Accountant
21 Points Posted on 07 November 2014
You have to see whether the amouny of incorrect cenvat credit availed was utilized or not. if you have utilized it, then interest will come. in case you did not utilize it and it was mere incorrect availment, then no interest is payable a per amended rule 14 of CCR
Reply
On 07 November 2014 at 14:37
User Avatar

Service Tax Consultant Rourkela Service
3456 Points Posted on 07 November 2014

Correctly explained by CA Anand Khetan. No need to pay interest or penalty just for wrong availment of cenvat credit.

Reply
On 07 November 2014 at 14:58


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details