Dear experts,
kindly give solutions to the following queries
1. what is the time limit for reversal of cenvat credit for the period for April 17 to June 17 under Rule 6 of the Cenvat Credit Rules 2004
2. Is there any interest to be paid for the reversals made under the amended rule 42 of CGST Act 2017.
3. is there any extension of time limit for 2017-18 for reversals of rule 42
Thanking in advance
Clarification on Cenvat Credit Reversal Time Limits and Interest Requirements Under Rule 6 and Amended Rule 42, No Extensions. An individual inquired about the reversal of Cenvat credit and Input Tax Credit (ITC) under GST regulations. The queries included the time limit for reversing Cenvat credit from April to June 2017 under Rule 6 of the Cenvat Credit Rules 2004, the requirement of interest payments for reversals under the amended Rule 42 of the CGST Act 2017, and any extensions for the 2017-18 period. The response clarified that the time limit is detailed in the Cenvat Credit Rules, interest is required for reversals, and no extensions are available as per the Supreme Court's orders. (AI Summary)
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