Rule-8 : Manner of Payment :
| Assessee | Due date of Payment |
| 1) Monthly payment in case of assesses other than those eligible for SSI exemption | Duty on goods removed from factory or warehouse during a month is payable as follows :
a) If duty is paid electronically through internet banking: 6th day of following month b) In any other case : 5th day of following month. For the month of March – duty shall be paid by 31st March |
| 2) Quaterly payments in case of an assessee eligible to avail of the exemption under a notification based on the value of clearances in a financial year (i.e. assesses eligible for SSI exemption) | Duty on goods removed from factory or warehouse during a quarter is payable as follows:
For a quarter other than the quarter ending 31st March- a) If duty is paid electronically through internet banking: 6th day of month following that quarter; b) In any other case: 5th day of the month following that quarter. For the quarter ending 31st march-duty shall be paid by 31st March. |
Consequences, if duty is not paid fully on the due date , are as under:
- Interest @18%p.a. from the first day after due date till the date of actual payment of the outstanding amount
- If the assesses fails to pay the duty declared as payable by him in the return within a period of 1 month from the due date, then the assessee is liable to pay the penalty @1% on such amount of the duty not paid, for each month or part thereof calculated from the due date, for the period during which such failure continues.
- Recovery of duty and interest as per section 11