Penalty by excise officer ?
CA Sahil Singla.. (Service Tax ) (3746 Points)
15 August 2012CA Sahil Singla.. (Service Tax ) (3746 Points)
15 August 2012
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 15 August 2012
you had to reverse the duty upfront in presence of excise audit team, so that they had to take note in their audit report, for rest of interest and penalty, interest rate is 18% at present per annum and penalty is maximum 100%
try to selltle the duty before issue of SCN, this will save you from lengthy procedure of hearings and higher penalty.