Monday 5 October 2015

Shortage of input due to application of accounting method doesn't attract penalty

CENVAT : No penalty is imposable on taking Cenvat credit in case where shortage of input/finished goods is within range of ±5 per cent or fact of taking Cenvat credit on debit note was not suppressed; on other hand penalty is to be imposed for availing Cenvat credit on inputs which was not received in manufacturing unit

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