Interest on Pre-Deposits

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..... Sir's, I understand that interest @ 6% was introduced vide Notification no 24/2014 dated 12 Aug 2014 for refund of Pre-deposits u/s 35FF of CEA, 1944 . Request your support to let me know the rate of interest on deposits made prior to 12th Aug 2014 before going to an appeal? Regards, ADARSH GUPTA - Reply By KASTURI SETHI - The Reply = Section 35 FF came into force on 6.8.14 .....

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..... vide Clause 106 of 2014 Finance (No.2) Act and thereafter rate of interest was fixed @6% vide Notification No.24/2014-CE(NT) dated 12.8.14 ( as mentioned by you.)' Prior to the enactment of Section 35 FF , it was covered by Section 35 F read with Section 11 BB of Central Excise Act. Interest on delayed refunds reduced to six per cent per annum - Notification No. 17/2002-C. .....

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..... E. (N.T.) superseded In exercise of the powers conferred by section 11BB of the Central Excise Act, 1944 (1 of 1944) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 17/2002-Central Excise (N.T.), dated the 13th May, 2002 [GSR 353(E), dated the 13th May, 2002] , except as respect things done or omitted to be done .....

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..... before such supersession, the Central Government hereby fixes the rate of interest at six percent per annum for the purpose of the said section. [ Notification No. 67/2003-C.E. (N.T.), dated 12-9-2003 ] Prior to this it was 8% vide Notification No.17/2002-CE(NT) dated 13.5.2002 - Interest on Pre-Deposits - Query Started By: - Adarsh Gupta Dated:- 26-7-2019 Central Excise - Got 1 Rep .....

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..... ly - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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