Intrest rate
ravi charan (Taxation excutive) (121 Points)
15 November 2012
Pls tell me rate of interest for export meterial diverting to domestic market. Pls provide reference also
5 Replies
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 15 November 2012
It is 18% - Sec 11 AA of CE act.
Regards
Dayananda
ravi charan
(Taxation excutive)
(121 Points)
Replied 15 November 2012
My range supt saying 24%
ref : Cancellation of export documents provision in manual.
present we are paying 18% pls advise me in this regard.
R P Ananthakumar
(Sr. Officer - Central Excise/Cash)
(514 Points)
Replied 26 November 2012
your supt saying is correct
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 26 November 2012
Please explain how supt is correct in charging higher rate of interest than notified under the provision.
Regards
Dayananda
R P Ananthakumar
(Sr. Officer - Central Excise/Cash)
(514 Points)
Replied 26 November 2012
Pls see excise manual at pg no.6.77 under cancellation of export documents.
" if the eecisable goods cleared under ARE-1 are not exported for any reasong and the exporter intends to divert the goods for home consumption, he may request in writing the authority who accepted the bond/LUT to cancellation of application....................He will permitted to do so if he pays the duty as specifed inthe applicaion along with interest at the rate of twenty four percent per annum on such duty from the date of removal for export from the factory....................
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
