Rate of interest on late payment of excise

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..... Rate of interest on late payment of excise
Query (Issue) Started By: - MEHUL ASHAR Dated:- 2-4-2015 Last Reply Date:- 28-10-2015 Central Excise
Got 4 Replies
Central Excise
Respected sir, As regarding above subject,my query is is there any change in the rate of interest on late payment of PLA according to the budget-2015-16 announced on 28-02-15 as before 28-02-15 the rate was 18 .....

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..... 7; on late payment.Please reply. Reply By Mahir S: The Reply: Sir, The present interest rate is 18 % only for Excise matters and no change in the budget. Reply By YAGAY AND SUN: The Reply: Dear Mehul, Basic interest rate is 18% and it increases as the times lapses further upto 30%. It was announced in last Budget. YAGAY and SUN (Management, Business and Indirect Tax Consultants .....

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..... ) Reply By Rajagopalan Ranganathan: The Reply: Sir, As per rule 8 (3) of Central Excise Rules, 2002 if the assessee fails to pay the amount of duty by the due date, he shall be liable to pay the outstanding amount along with an interest at the rate of specified by the Central Government vide notification under 8[section 11AA] of the Act on the outstanding amount, for the period starting with th .....

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..... e first day after due date till the date of actual payment of the outstanding amount. As per rule 8 (3 A) of Central Excise Rules, 2002 if the assessee fails to pay the duty declared as payable by him in the return within a period of one month from the due date, then the assessee is liable to pay the penalty at the rate of one per cent. on such amount of the duty not paid, for each month or part .....

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..... thereof calculated from the due date, for the period during which such failure continues . The period of one month is to be calculated as period between due date of two consecutive months, that is, one month is the period from 5th or 6th April to 4th or 5th of May. Reply By satyabhama balu: The Reply: Respected sir, how to calculate interest IF BILL DATE 10.03.2014 EXCISE AMT 1726 /- INTE .....

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..... REST RATE 18%PA form 10.03.14 to 28.10.15 total 594 days
Discussion Forum - Knowledge Sharing .....

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