TaxTMI 
TaxTMI 
TaxTMI 
GOOD MORNING DEAR EXPERTS. extracts from rule 8(3) of CER 2002.'It is hereby clarified that the duty liability shall be deemed to have been discharged only if the amount payable is credited to the account of the Central Government by the specified date.'As per rule 8(3) the outstanding amount will be paid along with applicable interest. Sir, I have the balance of ₹ 50000 in PLA. Total duty to be paid for November 2014 comes to 150000. Sir what will the outstanding amount for interest if:-(1) I debit ₹ 50000 on December 6 and pay ₹ 100000 by net banking on December 15 by net banking. 2. If I debit ₹ 150000 on December 16 after taking credit of ₹ 100000 deposited on December 15.Please reply. Thanks and regards.
Interest on short paid duty.
VINOD KUMAR
Interest on short paid duty applies for the period between debit and credit based on the outstanding liability. Duty is deemed discharged only when the amount is credited to the Government account by the specified date; outstanding duty attracts interest for the period it remains unpaid. Interest is computed by reference to the timing between PLA debits and subsequent net banking credits: in the first scenario interest was stated for ten days on the outstanding amount between the initial PLA debit and the credit date; in the second scenario interest was stated on the entire liability for the full intervening period. (AI Summary)