Electronic payment of excise duty – one more day!
The Central Excise Rules have been amended to provide that the last date for payment of excise duty if the duty is paid electronically through internet banking is 6th of the following month for general assessees and 16th of the following month for SSI units. The present dates of 5th and 15th for those who pay manually remain unchanged.
Why this one day grace? Is it to encourage e-payment? If so, maybe at least ten-fifteen days should have been given. Otherwise internet banking is instantaneous and money gets transferred at the click of a mouse and so there is no requirement of an extra day for this type of payment.
NOTIFICATION NO. , Dated: September 11, 2007