Differential money can be adjusted with Cenvat credit.

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..... Differential money can be adjusted with Cenvat credit.
Query (Issue) Started By: - Samik Chaudhuri Dated:- 10-3-2015 Last Reply Date:- 11-3-2015 Central Excise
Got 4 Replies
Central Excise
Sir Our manufacturing co produces MRP based product but invoices were not made following the MRP based rules i.e. abatement due to lack of knowledge now the Excise Deptt. can ask to deposit the dif .....

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..... ferential duty with interest on cash or adjusted the differential duty with Cenvat credit and pay the interest in cash. Please answer me at earliest. With thanks and regards Samik Chaudhuri. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Your query is not clear. The differential duty with interest may be paid either by cash or adjusting with CENVAT credit. Reply By Rajagopalan Ranganathan: The .....

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..... Reply: Sir, If duty paid on transaction value is less than duty payable on MRP, then the department can ask you to pay the differential duty with interest. In that case you can pay duty by utilising the credit available in your credit account. However, interest has to be paid in cash only since interest cannot be paid through credit account Reply By MARIAPPAN GOVINDARAJAN: The Reply: The vie .....

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..... ws of Shri Rajagopalan is correct. I have erred in telling that interest may be adjusted with CENVAT credit. Reply By Naveed S: The Reply: Sir, It is advisable to urgently issue supplementary invoice showing proper abatement and reverse the differential cenvat credit. Also pay up the interest amount by e challan as explained above.
Discussion Forum - Knowledge Sharing .....

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