GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Penal Interest

Central Excise - Started By: - deepak kalambate - Dated:- 7-4-2016 Last Replied Date:- 8-4-2016 - Dear Sir, Please let me know whether as per the provision of Rule 8 (3A) of Central Excise Rules, 2002 is applicable when Central Excise duty voluntary paid as per CAS-4 Certificate along with interest @ 18% p.a. Thanks & Regards Deepak R Kalambate - Reply By surya narayana - The Reply = Dear Friend Your query is not clear. In what way Rule 8(3) relates to payment of duty under CAS4 with interes .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

payment of C.Ex. duty on local market. Further, we have related parties (i.e. our sister concern) to whom also we are selling goods on payment of duty. We have obtained CAS4 Certificate from cost accountant for the year 2014-2015 and on the basis of the same differential excise duty has been calculated (i.e. difference between cost of production PLUS 10% AND Invoiced Value) and paid the same along with interest @ 18% p.a. Now CEX Official are asking us to pay interest @ 30% p.a. as per Provisio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ubmit a reply to the objection raised by the Department explaining this fine point while stating that this is a revenue neutral transaction . If the department is not agree with your view, better opt for provisional assessment under CE Rules for the future transactions while fighting for the present allegation.Best RegardsSuryanarayana - Reply By KASTURI SETHI - The Reply = Sh.Deepak Kalambate Ji, I endorse the views of Sh. Surya Narayana, Sir. Rule 8 (3A) does not come into play in the case of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ing to provisional assessment is not an offence. If you have not intimated about this, it is a procedural lapse. For this penalty is imposable under Rule 27. - Reply By deepak kalambate - The Reply = Dear Sir, Thanks for your views In our case, every year we are obtaining CAS4 Certificate and paying differential duty if any and interest @ 18% p.a. In every EA 2000 Audit also department officials asks us to pay differential duty as per CAS4 (for transactions made to related parties where COP is m .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version