implication of non payment of interest URGENT
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2010
Co issues supplementary invoices for which it is liable under sec 11AB.As per said sec interest will be payable till the date of payment of duty on supplementary invoice.
Company pays the duty on supplementary invoices within due date however postpones the liability of interest on the same, which it pays at the end of the year.
Is there any time limit within which such interest needs to be paid? Is there any implication such as penalty or confiscation for non payment of interest within time limit applicable if any?
Company pays the duty on supplementary invoices within due date however postpones the liability of interest on the same, which it pays at the end of the year.
Is there any time limit within which such interest needs to be paid? Is there any implication such as penalty or confiscation for non payment of interest within time limit applicable if any?
11 December 2010
Sec 11A and 11AB apply only in respect of demand of duty of excise u/s 11A. So interest is payable under this section on demand.
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