Excise Duty Payment: There is some important news for the manufacturers registered under Central Excise Act, 1944. They must note that the due date for the payment of excise duty for goods cleared in the month of September 2021 is today, October 6, 2021.

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The Central Board of Indirect Taxes and Customs (CBIC) has tweeted from its official Twitter handle, regarding the last date for the payment of excise duty. The tweet said, "Attention Manufacturers registered under Central Excise Act, 1944! Due date for payment of Excise Duty for the goods cleared during the month of September, 2021 is October 06, 2021."

 

As per the Central Excise Rules, every manufacturer, other than a manufacturer who is availing of the exemption under a notification based on value of clearances in a financial year, shall discharge his duty liability in respect of clearances of excisable goods from the place or premises specified under rule 9 or from a store room or other place of storage approved by the Commissioner under rule 47 made:-
1)during the first fortnight of the month, by the twentieth day of that month,
2) during the second fortnight of the month, other than the month of March, by the fifth day of the succeeding month; and
3) during the second fortnight of March, by the 31st day of the said March

One must note that the duty of excise shall be deemed to have been paid on excisable goods for the purpose of these rules and the credit of such duty, as may be prescribed under any rule, will be permissible. If the manufacturer fails to pay the amount of duty payable by the due date, he shall be liable to pay the outstanding amount along with interest at the rate of twenty-four  percent per annum on the outstanding amount, for the period starting with the first day after due date of actual payment of the outstanding amount.