reversal of cenvat credit or ITC, Goods and Services Tax - GST

[Bibhu Tripathy]

Dear experts,

kindly give solutions to the following queries

1. what is the time limit for reversal of cenvat credit for the period for April 17 to June 17 under Rule 6 of the Cenvat Credit Rules 2004

2. Is there any interest to be paid for the reversals made under the amended rule 42 of CGST Act 2017.

3. is there any extension of time limit for 2017-18 for reversals of rule 42

Thanking in advance

Posts / Replies

[KASTURI SETHI]

Sh.Bibhu Tripathy Ji,

Query-wise reply is as under :-

1. Mentioned in Explanation II, III, IV below (3D) in Rule 6 of Cenvat Credit Rules, 2004.

2. Yes interest is to be paid.

3. No extension of time limit. The Supreme Court's orders do not touch such time limitation prescribed in Rule 42 of CGST Rules.