Do i need to pay penalty ?

This query is : Resolved

CA Sahil Singla.. (Querist)
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15 August 2012 Sir.
Mine is non-ssi unit. Last week AG audit was conducted by excise officers, in which they pointed out that i have taken excess credit of one purchase bill. Excess amount is rs. 13500. He said i need to reverse this credit & also pay penalty as per new rule. Is he right ? Am i liable to penalth ? How much interest should i pay ? Amount was for the year july 2008. I think he is referring rule 15 of ccr, 2004.

CA Suresh Jain

CA Suresh Jain (Expert)
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16 August 2012 Yes penalty is to paid. If you repay the amount before a show cause notice is issued interest @ 18% p.a. and penalty @ 1% per month subject to max. 25% of duty payable is to be paid. The intimation of the payment is also required to be submitted to the concerned officer.

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