wrongly excise duty credit taken on trading goods

[Guest]

dear experts,

we have wrongly credit taken and utilized on trading goods now we have come to know that it was taken on wrongly and now we want to reverse duty in RG23-II in today's date so is it compulsory to pay interest ? because we have credit balance in RG23-II ..

pls. reply so we can proceed ...

regards,

Manan Pandya

AI Summary

Interest Not Required on Reversal of Wrongly Availed Excise Duty Credit if RG23A Part-II Has Credit Balance A query was raised regarding the reversal of wrongly availed excise duty credit on trading goods. The individual sought advice on whether interest must be paid when reversing the credit in the RG23-II account, given that there is a credit balance. An expert replied that if there is a credit balance in the RG23A Part-II account for the period in question, there is no requirement to pay interest. Another respondent agreed with this assessment.