Central Excise Duty payable as per CAS4

[deepak kalambate]

Dear Sir,

Please let us know whether we can make adhoc payment of Central Excise Duty for the year 2013-14 against CAS4.

Thanks & Regards,

Deepak

[YAGAY andSUN]

Dear Deepak,

You may opt for deposition of duty provisionally.  At the time of final determination of Duty Amount, you would have to pay the differential amount of duty along with interest at applicable rate which is currently at the rate of 18 percent p.a.

Team YAGAY & SUN

 

[Surender Gupta]

If you are unable to determine the correct value at the time of removal of goods, you may apply for provisional assessment in the manner prescribed under Rule 7 of the Central Excise Rules, 2002.

AI Summary

Provisional assessment allowed; provisional duty deposit permitted with later payment of differential and interest at applicable rate. Taxpayers may make a provisional deposit of Central Excise duty when correct value cannot be determined at removal; upon final determination they must pay the differential duty and interest at the applicable rate. If valuation is unavailable at removal, the taxpayer should apply for provisional assessment under the prescribed rule-based assessment procedure, with subsequent adjustment and interest liability.