24 November 2008
Dear all members Monthly returns for 100 % export oriented undertakings in respect of goods cleared and receipt of inputs and capital goods - ER2 should be filed every month is a statutory one or not. If it is statutory one - if there is no transactions also we have to file it or not. What is the due date?. what will be the consequences if the returns are not filed in time.
Thanks in advance. Amar. Since 3 days no one is answering why, please help me out. Amar.
10 February 2009
Yes, it is a statutory requirement to file monthly return. Even if no transaction is made, a nil return should be filed. If you have not filed return, you should prepare returns for all the months and file it without delay. You can be penalised under Rule 27 of the Central Excise Rules. Maximum penalty is Rs. 5000. If you contest, the penalty amount can be a lower.
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