Clarification Mandatory Pre-deposit: Short Summary

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..... Clarification Mandatory Pre-deposit: Short Summary - By: - Sachin Sharma - Service Tax - Dated:- 24-9-2014 - - Clarifications Mandatory pre-deposit ( Circular No 984/08/2014-Cx dated 16.09.2014 ) ( Section 35F of Central Excise Act 1944 and Sec 129E of Custom Act 1962 substituted vide Finance Act (No. 2)2014 ) Clarification has been issued by the CBEC regarding Mandator .....

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..... y pre-deposit for entertaining appeals before commissioner (Appeals) and CESTAT. Brief facts of the same are reproduced hereunder; Mandatory for: Appeals Filed after 06.08.2014 Quantum of pre-deposit: Appeal Filed against order of Appeal Filed Before Quantum Commissi .....

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..... oner CESTAT 7.5% of Duty Demanded or Penalty Authority other than Commissioner (Appeals) Commissioner (Appeals) Commissioner (Appeals) CESTAT 10% of Duty Demanded or Penalty Payment made during investigation or audit can be adjusted against mandatory pre- dep .....

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..... osit under section 35F of Central Excise Act 1944 and 129E of Custom Act 1962 . Stay application not required to file along with the appeal. Payment can be made by debiting Cenvat Credit account in case of duty demanded but not in case of penalty. If matter is decided in favor of assesse (which is generally in more than 85% cases at Tribunal level) Refund of pre-deposit within 15 d .....

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..... ays of the receipt of refund application seeking refund by the assesse. Refund Application to be filed with Jurisdictional AC/DC for seeking refund. Interest @ 6% if Payment is not made within 15 days of receipt of Application letter seeking refund. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - ta .....

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..... xmanagementindia.com - TMI - TaxTMI - TMITax .....

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