CENVAT Credit Misuse: Interest and Penalty Imposed for Using Future Credits to Pay Past Duties.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Benefit of CENVAT credit - credit earned in the subsequent months cannot be used for payment of duty for the previous month - Such wrong utilization invites confirmation of interest which is also required to be considered as penal in nature. - With interest penalty of ₹ 10000 imposed - AT....