wrongly excise duty credit taken on trading goods

[Asked by 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

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.