Payment of Duty

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..... h electronic mode). 3. By 31 st day of March for the month of March/Quarter ended March - for all assesses including SSI Manner of payment of duty: Payment of duty can be made in two ways: 1. By debiting the Cenvat Credit A/c maintained under the Cenvat credit Rules, 2004, or 2. By debiting the Personal Ledger A/c (PLA) also called Account Current maintained with the department. Mode of payment of duty: 1. By Demand Draft or by pay order - in this case the date on which payment is made is the date of payment to Government. 2. By cheque - the date of deposit of cheque in the bank A/c is the date of payment of duty provided it gets honoured later on. 3. E-payment - assessee should have bank's internet booking ID .....

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..... l balance 4. PLA has to be prepared in triplicate using inedible pencil double-sided carbon. 5. Original and duplicate copies of PLA and copies of GAR-7 EX challan are to be detached at the end of each month to be submitted along with the monthly return or quarterly return in case of SSI units. 6. PLA account can be used only for payment of excise duty and not for other payments like rent, fines, penalties etc. These payments should be made through GAR-7 EX challan. If these are required to be paid through PLA, a separate account current under the group minor head 'E- Miscellaneous -1 Miscellaneous' may be opened with permission. Cenvat credit balance: The buyer of goods can avail Cenvat credit as soon as goods are received i .....

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..... ber. PLA is an account current in which advance money is deposited, against which excise duty can be paid by debiting the account. The PLA is credited when duty is deposited (remitted) in bank by GAR-7 EX challan. 1. Debit in PLA is usually made on monthly basis. It is an effective payment of duty and not merely adjustment entry. 2. There is no requirement of minimum credit balance in PLA. It is sufficient if there is balance at the time of debit in PLA. 3. PLA contains the following details - The effect of this forfeiture will be such that - - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - .....

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