Reversal of Cenvat Credit

[Harshal Jain]

One of the Client has already debited Cenvat Credit on Input Services to Profit and Loss Account. Whether the same can be reversed ...???

AI Summary

Reversing Cenvat Credit Entries: Conditions and Eligibility for Input Services Detailed, Including Six-Month Invoice Rule A client has debited Cenvat Credit on input services to the Profit and Loss Account and seeks to know if it can be reversed. The response indicates that reversal is possible if the input service is eligible for Cenvat Credit. However, this is contingent upon meeting certain conditions, such as proving eligibility for the input service, ensuring the invoice is dated within six months, and the feasibility of reversing the entry in the Profit and Loss Account.