Interes or penalty leviable on Duty not paid within a time limit

[Asked by Guest]

Dear Sir,

we have started manufacturing unit since october -14 , after management decided not to avail SSI exemption then we applied for Excise Registration and we got a RC. on 25 th Nov-14 , still we have purchased raw material with excisable as well as non excisable since october-14 now we want to paid all duty in current date so my questions are below.

1) still we are covered under SSI UNIT ? and payment and return mode on Quarterly.?

2) Can we take cenvat on my raw material purchase and same we can utilise my duty payment .

3) what is the role of interest and penalty.? and how much percentage?

pls. guide ....

regards,

Manan V Pandya

Cell: +919510018659

Ahmedabad.-

AI Summary

SSI status and option to pay duty: opting out allows cenvat credit but triggers periodic duty payments and interest.
Registration as a central excise assessee ends entitlement to the SSI exemption; exercising the option to pay normal duty must be done before first clearances and notified to excise officers. Once the option is exercised, cenvat credit on inputs, input services and capital goods may be availed and utilized against duty on clearances. Duty payment periodicity depends on SSI status, with interest on late payment and penalties for statutory violations.