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TMI BlogInterest payment month wiseX X X X Extracts X X X X X X X X Extracts X X X X ..... Interest payment month wise X X X X Extracts X X X X X X X X Extracts X X X X ..... mple if you had cleared excisable goods, say on 09.07.2013 adopting a price of ₹ 5.000/- you had to pay duty on ₹ 5,000/- on 5th or 6th of August 2013. If you got a price rise of ₹ 500/- in December 2013 you have to pay the differential duty on ₹ 500/-on 5th or 6th of January 2014. But you have to pay interest on ₹ 500/- from 6th or 7th of August 2013 as if you should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have paid duty on ₹ 5,500/- on 5th or 6th of August, 2013. The above view is based on the following judgments of Supreme Court of India.: - 1. CCE vs. SKF India Ltd.,-2009 (239) ELT 385 (S.C.).= 2009 (7) TMI 6 - SUPREME COURT 2. CCE vs. International Auto-2010 (250) ELT 3 (S.C.) = 2010 (1) TMI 151 - SUPREME COURT OF INDIA Reply By SANDESH SHINDE: The Reply: Dear Sir, But calculation w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill be done how no of delayed months or no of days delayed, please explain, urgent required Reply By Pradeep Khatri: The Reply: Interest would be calculated on the basis of nos. of days. Reply By Rajagopalan Ranganathan: The Reply: Sir, You calculate number of days of delay and divide it by 365. You will get delay in terms of year . Then apply the rate of interest. For example if delay in payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of duty is 260 days, then divide 260 days by 365 days (No. of days per year). It will be 0.71 year. Then calculate the interest amount by applying the prescribed rate. X X X X Extracts X X X X X X X X Extracts X X X X
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