Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4%
 
 
« News Headlines »
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year

Court ruling on levy of interest on excise duty
October, 13th 2007

The Madurai Bench of Madras High Court has ruled that under Central Excise Rules, 2003, levy of interest for failure of payment of duty by due date should only be at rate of 2 per cent per month. Levy at Rs 1,000 per day for such delay was invalid under rule 8(3) of Central Excise (2nd Amendment) Rules.

Rajasthan HC

Hearing a writ petition from Goodwill Team Papers Ltd, challenging collection by Asst Commissioner of Central Excise, Madurai Division of Rs 1,38,000 as interest, it said that the Rajasthan High Court had held that levy of interest at specific rate of Rs 1,000 a day was ultra vires of Section 11AB of Central Excise Act.

Petitioner contended that levy of interest at Rs 1,000 per day could not be retained, and total interest charged of Rs 1,38,000 was refundable.

The Assistant Solicitor General said that this was the correct legal position.

In the light of the above legal position, petition would stand allowed.

The department was directed to refund amount within four weeks.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions