Interest on short paid duty.

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..... GOOD MORNING DEAR EXPERTS. extracts from rule 8(3) of CER 2002 . It is hereby clarified that the duty liability shall be deemed to have been discharged only if the amount payable is credited to the account of the Central Government by the specified date. As per rule 8(3) the outstanding amount will be paid along with applicable interest. Sir, I have the balance of ₹ 50000 in PLA. Total du .....

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..... ty to be paid for November 2014 comes to 150000. Sir what will the outstanding amount for interest if:-(1) I debit ₹ 50000 on December 6 and pay ₹ 100000 by net banking on December 15 by net banking. 2. If I debit ₹ 150000 on December 16 after taking credit of ₹ 100000 deposited on December 15.Please reply. Thanks and regards. - Reply By PAWAN KUMAR - The Reply = Dear Di .....

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..... pak Ji, As per my view : Balance in your PLA is 50000 Liability is 150000 You debited 50000 on 06.12.2014 For Balance amount PLA deposited on 15.12.2014 for ₹ 100000 and debited on 16.12.2014 in PLA. Interest will be paid for 10 days from 06.12.2014 to 15.12.2014 on ₹ 10000 as per my view. - Reply By DIPAK K - The Reply = THANK YOU SIR. What will be the interest liability in sec .....

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..... ond option of my query. Thanks and regards. - Reply By PAWAN KUMAR - The Reply = Dear Dipak Ji, As per your second query, you will debit 150000 on 16.12.2014, Interest will applicable on 150000 from 06.12.2014 to 16.12.2014. - Reply By DIPAK K - The Reply = Thank you sir for your quick response. - Interest on short paid duty. - Query Started By: - DIPAK K Dated:- 22-11-2014 Central Excise - .....

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..... Got 4 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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