You cannot cancel the payment however, you may seek more time by filling an application before the CESTAT where your case was decided citing all the reasons. Let the judge consider. However since your last date is 5-07-14, consult your advocate and file soon.
Can we defer payment of CENVAT against penalty?
Due to the fact that we paid our excise duty amounting to Rs. 6,00,000/- 6 months late, a penalty of another 6 Lakh was levied on us even though we paid Rs. 1,25,000/- in interest. We were also asked to pay Rs. 2,00,000/- CENVAT that we had not paid because we had it in our credit. We then appealed to CESTAT and the judge wrote off our penalty but still asked us to pay CENVAT of 2,00,000/-. If we don't pay it then we will have to pay the penalty as well. The due date is 5-07-14. The problem is that we're going through major cash flow issues and we don't have the money. What can we do to either a) defer the payment b) cancel it?
Asked 10 years ago in Taxation
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