TMI BlogSeeks to amend the Central Excise Rules, 2002X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred to as the said rules), in rule 8,- (a) for sub-rule (1), the following sub-rule shall be substituted, namely:- "(1) The duty on the goods removed from the factory or the warehouse during a month shall be paid by the 5th day of the following month: Provided that in case of goods removed during the month of March, the duty shall be paid by the 31st day of March: Provided further that where an assessee is availing of the exemption under a notification based on the value of clearances in a financial year, the duty on goods cleared during a calendar month shall be paid by the 15th day of the following month except in case of goods removed during the month of March for which the duty shall be paid by the 31st day of March. Explana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leared in February, by the 5th of March. X pays the amount on 10th of March. The default has continued for 5 days. The interest payable by X is computed as follows:- 2% of the amount of default for 5 days = 2% of Rs. 31 lakhs x 5 /31 = Rs. 10000 - (A) Rs. 1000 per day of default = 5 x Rs. 1000 = Rs. 5000 - (B) The interest payable is the higher of the amounts (A) and (B). Illustration 2.- Y, an assessee, was liable to pay an excise duty of Rs. 5 lakhs payable on the goods cleared in June. Y pays only Rs. 4 lakhs by the 5th of July. Thus Y has defaulted in respect of Rs. 1 lakh. Y pays the balance amount on 30th of July. The default is for 25 days. The interest payable by Y is computed as follows:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , with effect from the 1 st day of March, 2003, the following shall be inserted, namely:- "13A. Utilisation of amount paid for procurement of Central Excise Stamps for payment of duty.- A registered person having a stock of unused Central Excise Stamps, other than those purchased on credit, as on the 1 st day of March 2003, may surrender the same to the Superintendent of Central Excise. The registered person may utilize an amount equal to the total price of such unused Central Excise Stamps as may be certified by the Superintendent of Central Excise, for paying duty on matches in the manner as prescribed in rule 8. In case such utilization is not possible for any reason, the registered person shall be allowed refund of such amount.". 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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