Question3:

In case TRAN-1 application is not filed, Can I mention the reduced balance as on 30.6.17 by an amount to be paid as per audit objection? Illustration: CENVAT credit objected by the audit and admitted by us: Rs. 5 lacs. Balance of CENVAT credit as on 30.6.2017 in RG23 A register: Rs. 15 lacs Amount claimed in TRAN-1 application Rs. 10 lacs (15-5) I shall be highly obliged if you clarify the above query.

ANSWER:

The credit available is the closing balance as on 30th June as per last return filed by you in case return is already filed which we expect might have been filed then you cannot change it One alternative is try to get it rectified with the help of jurisdictional officer then claim the reduced amount Second is in case your company deposit tax in cash also and the ITC does not remains unutillised then pay demand in cash instead of doing all this because in nut shell it is only loss of interest amount but your case will go smooth (Reply dt. 28/09/2017)