15 August 2012
Sir. Mine is non-ssi unit. Last week AG audit was conducted by excise officers, in which they pointed out that i have taken excess credit of one purchase bill. Excess amount is rs. 13500. He said i need to reverse this credit & also pay penalty as per new rule. Is he right ? Am i liable to penalth ? How much interest should i pay ? Amount was for the year july 2008. I think he is referring rule 15 of ccr, 2004.
16 August 2012
Yes penalty is to paid. If you repay the amount before a show cause notice is issued interest @ 18% p.a. and penalty @ 1% per month subject to max. 25% of duty payable is to be paid. The intimation of the payment is also required to be submitted to the concerned officer.
CAclubindia
