Excise duty payment timelines extended for newly taxable goods, with interest and forfeiture for delayed payment. Amendments introduce a transitional deferred-payment regime for specified goods made taxable from 1 March 2002: duty for removals in the transitional period must be paid by a single prescribed date and is deemed discharged only when credited to the Central Government account; deemed payment status permits credit under existing rules. Failure to pay by the due date attracts notified interest on outstanding amounts, forfeiture of instalment payment facilities for a subsequent period, requirement to pay by account current for clearances during the forfeiture period, and treatment of non-payment as clearance without duty. Assessees must also file prescribed returns for the transitional months.
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Provisions expressly mentioned in the judgment/order text.
Excise duty payment timelines extended for newly taxable goods, with interest and forfeiture for delayed payment.
Amendments introduce a transitional deferred-payment regime for specified goods made taxable from 1 March 2002: duty for removals in the transitional period must be paid by a single prescribed date and is deemed discharged only when credited to the Central Government account; deemed payment status permits credit under existing rules. Failure to pay by the due date attracts notified interest on outstanding amounts, forfeiture of instalment payment facilities for a subsequent period, requirement to pay by account current for clearances during the forfeiture period, and treatment of non-payment as clearance without duty. Assessees must also file prescribed returns for the transitional months.
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