Interest on late duty: interest accrues until payment and instalment privileges are forfeited for prolonged default. Rule 8 now charges interest on unpaid excise duty from the day after the due date until actual payment and forfeits the monthly instalment facility where duty remains unpaid beyond thirty days, requiring payment by debit to account current and deeming nonpayment as clearance without payment. Rule 12 permits scrutiny of self-assessed duty based on returns and further enquiry and requires assessees to produce documents and records for verification. Rule 22 expands mandatory records to include accounting of goods, input services and financial statements and adopts the CENVAT Credit Rules' definitions of first and second stage dealers.
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Provisions expressly mentioned in the judgment/order text.
Interest on late duty: interest accrues until payment and instalment privileges are forfeited for prolonged default.
Rule 8 now charges interest on unpaid excise duty from the day after the due date until actual payment and forfeits the monthly instalment facility where duty remains unpaid beyond thirty days, requiring payment by debit to account current and deeming nonpayment as clearance without payment. Rule 12 permits scrutiny of self-assessed duty based on returns and further enquiry and requires assessees to produce documents and records for verification. Rule 22 expands mandatory records to include accounting of goods, input services and financial statements and adopts the CENVAT Credit Rules' definitions of first and second stage dealers.
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