Excise duty paid @ 10%

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kodiya mohammed asif (Querist)
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03 September 2012 Please help me in excise. The case is, excise duty is paid at the rate of 10% instead of 12% till now.. Now what is the consequences of it.

As per my knowledge I have to file return & deposit the differential amount.

However ,what will be the interest or penalty.?

U S Sharma

U S Sharma (Expert)
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04 September 2012 1st of all pay the diff immediately through PLA or GAR7, and submit your intention to R/O that since you have paid the diff of duty which was happened due to clarical mistake, and pray for weiver of interest and penalty if any.

R/O or D/C ( depending on the amount, will accept the application and may ask you to appear for a short hearing, where you can ask for minimum possible interest,

as the principal excise duty is already paid before their scn or any demand, the penalty may not exceed 25% of duty amount., but if you act prompt then you can save full penalty plus remarkable interest.

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kodiya mohammed asif

kodiya mohammed asif (Querist)
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04 September 2012 Thanks a lot . Can you please give me some sort of link or section number where details of penalty & interest is mentioned?

U S Sharma

U S Sharma (Expert)
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04 September 2012 http://www.vakilno1.com/bareacts/centralexcise/s11ac.htm

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U S Sharma

U S Sharma (Expert)
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04 September 2012 http://www.lawyersclubindia.com/judiciary/Section-11AC-of-the-Central-Excise-Act-1944-Penalty-798.asp#.UEYyZ5OyGwc

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