Penalty for outstanding duty now requires the greater of the duty due or a prescribed minimum monetary amount. The amendment substitutes clause (ii) of rule 96ZQ(5) to require a penalty equal to the amount of duty outstanding at the end of such month or a minimum monetary amount, whichever is greater, thereby establishing a minimum penalty floor for outstanding duty liabilities under the Central Excise Rules, 1944.
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Penalty for outstanding duty now requires the greater of the duty due or a prescribed minimum monetary amount.
The amendment substitutes clause (ii) of rule 96ZQ(5) to require a penalty equal to the amount of duty outstanding at the end of such month or a minimum monetary amount, whichever is greater, thereby establishing a minimum penalty floor for outstanding duty liabilities under the Central Excise Rules, 1944.
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