Respected Sir,
Is there any rule in existance that if an assessee fails to pay duty late(PLA) for 3 times in a particular financial year his cenvat facility is withdrawn for couple of months.iF yes what is the procedure has to be made from the side of assessee.Please reply.
THANKING U.
Rule 8: CENVAT Facility Not Withdrawn for Late Duty Payment; Focus on Consignment-Wise Settlement Plus Interest. An individual inquired about a rule in Central Excise law regarding the withdrawal of the CENVAT facility if an assessee fails to pay duty on time three times in a financial year. Two respondents clarified that such a rule existed previously but is no longer in effect. Currently, under Rule 8, the only requirement is consignment-wise payment of duty plus interest until fully settled. The individual was advised to demonstrate bona fide intentions and consult the Central Excise Department for further guidance. (AI Summary)
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TaxTMI 
