Penalty by excise officer ?

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Service Tax
20 Points Posted on 15 August 2012

 

Sir.
Mine is non-ssi unit. Last week AG audit was conducted by excise officers, in which they pointed out that i have taken excess credit of one purchase bill. Excess amount is rs. 13500. He said i need to reverse this credit & also pay penalty as per new rule. Is he right ? Am i liable to penalth ? How much interest should i pay ? Amount was for the year july 2008. I think he is referring rule 15 of ccr, 2004.
ALso, there is increase in Interest rates. Plz convey the same.
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On 15 August 2012 at 13:26 Report
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glidor@gmail.com
20 Points Posted on 15 August 2012

you had to reverse the duty upfront in presence of excise audit team, so that they had to take note in their audit report, for rest of interest and penalty, interest rate is 18% at present per annum and penalty is maximum 100%

try to selltle the duty before issue of SCN, this will save you from lengthy procedure of hearings and higher penalty. 

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On 15 August 2012 at 23:32

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