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

[Mahir S]

If there is credit balance in your RG23A part - II account, for the period when credit was wrongly availed till the time of reversal of such credit, then there is no need to pay any interest thereon.

[YAGAY andSUN]

We are in agreement with the reply submitted by Mr. Naveed.

AI Summary

Excise duty credit reversal: no interest payable where RG23A Part II credit balance covers the period until reversal. If there is an existing credit balance in the taxpayer's RG23A Part II account for the period during which the credit was wrongly availed up to the date of reversal, no interest is required to be paid on that wrongly taken credit, allowing reversal in RG23 II without interest.