Mistakenly cenvat credit availed

[RAM SHARMA]

Dear Experts,We have excess cenvat credit in our books. We have reversed cenvat credit which is wrongly taken by us. Whether we will be liable to pay interest on reversed cenvat credit. Please advice.Thanks&Regards

AI Summary

No Interest on Unused Cenvat Credit Reversed After March 17, 2012: Clarification on Liability A query was raised regarding the liability to pay interest on mistakenly availed cenvat credit that has been reversed. The response clarified that since March 17, 2012, if the cenvat credit was availed but not utilized, there is no requirement to pay interest. Therefore, if the excess cenvat credit remained in the accounts from the time it was availed until it was reversed, no interest payment is necessary.