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Wrong credit of cenvat
we taken wrong availment of credit and now we made debit entry for settlement, may have we want to pay interest??
Replies (3)
yes you had to pay pentalty as interest along with the original due duty..!!
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
Correctly explained by CA Anand Khetan. No need to pay interest or penalty just for wrong availment of cenvat credit.
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