Penalty for delay on payment of central excise duty
This query is : Resolved
04 January 2016
Sir,
What is the percentage for penalty on Delay payment of central excise duty, and the penalty applicable from which date?
Whether it is 12% or 1%
what ever percentage kindly give the notification for the same.
pl guide me for this matter.
What is the percentage for penalty on Delay payment of central excise duty, and the penalty applicable from which date?
Whether it is 12% or 1%
what ever percentage kindly give the notification for the same.
pl guide me for this matter.
04 January 2016
As per the new budget, in central excise, there is no change in the rate of interest of 18 % for delayed duty payment or for late payment of any pending Govt. dues.
However, new rule 8 (3A) has been added in the new budget which is as follows :-
“ (3A) If the assessee fails to pay the duty declared as payable by him in the return within a period of one month from the due date, then the assessee is liable to pay the penalty at the rate of one per cent. on such amount of the duty not paid, for each month or part thereof calculated from the due date, for the period during which such failure continues .
Hence, apart from the existing 18% interest for late duty payment, further penalty of 1% is now required to be paid.
However, new rule 8 (3A) has been added in the new budget which is as follows :-
“ (3A) If the assessee fails to pay the duty declared as payable by him in the return within a period of one month from the due date, then the assessee is liable to pay the penalty at the rate of one per cent. on such amount of the duty not paid, for each month or part thereof calculated from the due date, for the period during which such failure continues .
Hence, apart from the existing 18% interest for late duty payment, further penalty of 1% is now required to be paid.
04 January 2016
Sir,
This 1% applicable from which date sir?
from next date of due date or after 30 days?
pl guide me sir
This 1% applicable from which date sir?
from next date of due date or after 30 days?
pl guide me sir
04 January 2016
next date of due date.
Message likes :
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04 January 2016
Sir,
If the month of Dec 2015 ED We have not paid on 05.01.16. We paid the same on 12.01.16, now the penalty is applicable for the 7days or upto 30 days no penalty ah?
pl clarify my doubt sir
If the month of Dec 2015 ED We have not paid on 05.01.16. We paid the same on 12.01.16, now the penalty is applicable for the 7days or upto 30 days no penalty ah?
pl clarify my doubt sir
04 January 2016
only intrest@18 shall be charged plenty is applicable next month if you not pay till feb.6 online payment.
04 January 2016
Sir,
if i have not paid till 5th feb 2016 then which date onwards penalty applicable sir, Whether 06 th Jan 2016 or 06th Feb 2016?
if i have not paid till 5th feb 2016 then which date onwards penalty applicable sir, Whether 06 th Jan 2016 or 06th Feb 2016?
04 January 2016
FROM 7 FEB.2016 ONE WORD.
04 January 2016
Sir,
My Doubt is Cleared Thanks for your valuable information.
Regards,
Arun
My Doubt is Cleared Thanks for your valuable information.
Regards,
Arun
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