Interest and penalty on delayed payment of Exice duty and return

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..... Interest and penalty on delayed payment of Exice duty and return
Query (Issue) Started By: - CMA VENKATESHAM MUTA Dated:- 8-10-2015 Last Reply Date:- 9-10-2015 Central Excise
Got 5 Replies
Central Excise
Sir,Please clarify me the following doubt.ED payable is rs 10000 on 6th aug-15But payment and return filed on 25-09-2015,Int. Paid is rs. 150,Penalty paid rs. 100,Penalty for delay in .....

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..... return paid 1400 (per day rs. 100)As on today what amount should I pay towards interest and penalty.Kindly clarify my doubt Reply By CMA VENKATESHAM MUTA: The Reply: Sir,In the above case duty paid rs 11650, along with the return on 25-09-2015 Reply By Rajagopalan Ranganathan: The Reply: Sir, The amount of duty to be paid is ₹ 10.000/- There is a delay of 50 days in depositing the duty. T .....

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..... he rate of interest is 18%. Therefore the amount of interest payable will be ₹ 247. Penalty for delayed payment of duty is 1% if the defaulted amount for the period of delay of two months. It works out to Ts. 17. Therefore the total amount to be paid is ₹ 10,264/-. The relevant rule is rule 8 of Central Excise Rules, 2002. In respect of return you have to file it on or before 10.8.201 .....

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..... 5. But you have filed it on 25.9.2015. Therefore there is a delay of 45 days. This attract a penalty of ₹ 4,500/- (45 days x ₹ 100/- per day) vide sub-rule 6 of rule 12 of Central Excise Rules, 2002. Reply By CMA VENKATESHAM MUTA: The Reply: Thankq very much air,In the above case duty paid full and interest and penalty paid partly on 25-09-2015.What amount should I pay as on today,Whe .....

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..... ther interest and penalty to be calculated on duty amount from due date or 25-09-2015.Pls clarify me sir Reply By Rajagopalan Ranganathan: The Reply: Sir, Since you have paid duty in full on 25.92015 and you have filed the return on 25.9.2015, you have to pay interest and penalty up to 25.9.2015 only. I have calculated the amounts on the above basis only. Even if you pay interest and penalty pa .....

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..... rtly you pay the remaining amount of penalty and interest immediately. No interest on interest and interest on penalty is payable. Reply By CMA VENKATESHAM MUTA: The Reply: Thanks a lot Sir
Discussion Forum - Knowledge Sharing .....

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