Excise duty paid @ 10%
This query is : Resolved
03 September 2012
Please help me in excise. The case is, excise duty is paid at the rate of 10% instead of 12% till now.. Now what is the consequences of it.
As per my knowledge I have to file return & deposit the differential amount.
However ,what will be the interest or penalty.?
As per my knowledge I have to file return & deposit the differential amount.
However ,what will be the interest or penalty.?
04 September 2012
1st of all pay the diff immediately through PLA or GAR7, and submit your intention to R/O that since you have paid the diff of duty which was happened due to clarical mistake, and pray for weiver of interest and penalty if any.
R/O or D/C ( depending on the amount, will accept the application and may ask you to appear for a short hearing, where you can ask for minimum possible interest,
as the principal excise duty is already paid before their scn or any demand, the penalty may not exceed 25% of duty amount., but if you act prompt then you can save full penalty plus remarkable interest.
R/O or D/C ( depending on the amount, will accept the application and may ask you to appear for a short hearing, where you can ask for minimum possible interest,
as the principal excise duty is already paid before their scn or any demand, the penalty may not exceed 25% of duty amount., but if you act prompt then you can save full penalty plus remarkable interest.
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04 September 2012
Thanks a lot . Can you please give me some sort of link or section number where details of penalty & interest is mentioned?
04 September 2012
http://www.vakilno1.com/bareacts/centralexcise/s11ac.htm
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04 September 2012
http://www.lawyersclubindia.com/judiciary/Section-11AC-of-the-Central-Excise-Act-1944-Penalty-798.asp#.UEYyZ5OyGwc
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