Excess credit shown in er1 returns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2013
One of our friend has
1)showned excess credit of Rs. 2 lakhs in ER1 for the month of March and same is rectified in the month of July.
2) has paid interest for excess amount shown in March returns as same closing balance is continued for returns of April and which results in short payment of duty of Rs. 1.5 lakhs for the month of June.
my query is
a)whether penalty is applicable for excess credit shown in March/short payment of duty for the month of June.
b)if yes, how to compute penalty in this case
can any one clarify
thanks in advance
ram
1)showned excess credit of Rs. 2 lakhs in ER1 for the month of March and same is rectified in the month of July.
2) has paid interest for excess amount shown in March returns as same closing balance is continued for returns of April and which results in short payment of duty of Rs. 1.5 lakhs for the month of June.
my query is
a)whether penalty is applicable for excess credit shown in March/short payment of duty for the month of June.
b)if yes, how to compute penalty in this case
can any one clarify
thanks in advance
ram
Arun Kumar Singh
(Expert)
12 August 2013
If you have reversed the duty with interest then penalty can not be impose.
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