Interest and penalty on delayed payment of Exice duty and return

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....nterest and penalty on delayed payment of Exice duty and return<br> Query (Issue) Started By: - CMA VENKATESHAM MUTA Dated:- 8-10-2015 Last Reply Date:- 9-10-2015 Central Excise<br>Got 5 Replies<br>Central Excise<br>Sir,Please clarify me the following doubt.ED payable is rs 10000 on 6th aug-15But payment and return filed on 25-09-2015,Int. Paid is rs. 150,Penalty paid rs. 100,Penalty for delay in ....

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....return paid 1400 (per day rs. 100)As on today what amount should I pay towards interest and penalty.Kindly clarify my doubt Reply By CMA VENKATESHAM MUTA: The Reply: Sir,In the above case duty paid rs 11650, along with the return on 25-09-2015 Reply By Rajagopalan Ranganathan: The Reply: Sir, The amount of duty to be paid is &#8377; 10.000/- There is a delay of 50 days in depositing the duty. Th....

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....e rate of interest is 18%. Therefore the amount of interest payable will be &#8377; 247. Penalty for delayed payment of duty is 1% if the defaulted amount for the period of delay of two months. It works out to Ts. 17. Therefore the total amount to be paid is &#8377; 10,264/-. The relevant rule is rule 8 of Central Excise Rules, 2002. In respect of return you have to file it on or before 10.8.2015....

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..... But you have filed it on 25.9.2015. Therefore there is a delay of 45 days. This attract a penalty of &#8377; 4,500/- (45 days x &#8377; 100/- per day) vide sub-rule 6 of rule 12 of Central Excise Rules, 2002. Reply By CMA VENKATESHAM MUTA: The Reply: Thankq very much air,In the above case duty paid full and interest and penalty paid partly on 25-09-2015.What amount should I pay as on today,Whet....

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....her interest and penalty to be calculated on duty amount from due date or 25-09-2015.Pls clarify me sir Reply By Rajagopalan Ranganathan: The Reply: Sir, Since you have paid duty in full on 25.92015 and you have filed the return on 25.9.2015, you have to pay interest and penalty up to 25.9.2015 only. I have calculated the amounts on the above basis only. Even if you pay interest and penalty par....

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....tly you pay the remaining amount of penalty and interest immediately. No interest on interest and interest on penalty is payable. Reply By CMA VENKATESHAM MUTA: The Reply: Thanks a lot Sir<br> Discussion Forum - Knowledge Sharing ....