E-Payment of Excise Duty- Last date is 6th(amended)

CA Nikita (Chartered Accountant) (4158 Points)

02 October 2007  
e-Payment of Excise Duty- Last date is 6th- Central Excise Rules Amended

For payment of excise duty by electronic means i.e. using Internet Banking, the last date will be 6 th of succeeding month. For assessees availing exemption under a notification based on the value of clearances in a financial year (read SSI exemption), the due date is 16th instead of 15th of the following month. The extension of due date by one day appears to be aimed at encouraging assessees to opt for e-payment. Presently, e-payment is compulsory only for those who have paid Rs.50 lakhs or more by cash during the previous financial year and for others it is optional. But such extension of due date defies logic as the account gets credited within hours in most cases of e-payment unlike other modes. For March, the last date remains unchanged as 31st March.