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int rate for delay payment for excise duty

This query is : Resolved 
 


Querist : Anonymous (Querist) 23 April 2011

What is the interest rate for delay payment of excise duty?


B R Ramesh (Expert)
23 April 2011

The Interest liability is amplified in all the sections of custom, excise and service tax to 18% as from earlier of 13% per annum from this budget. This is one of highest increase in the rates of interest ever. In Central Excise the notification no. No. 6/2011-Central Excise (N.T.) dt. 01.03.2011 has brought an amendment for the purpose of the section 11AB of the Central Excise Act, 1944 by fixing the interest rate at 18% p.a. The similar amendment is made in the section 75 of Service Tax Act vide notification No. 14/2011-Service Tax dt. 01.03.2011 and 15/2011-Service Tax dated 01.03.2011 in which also the rate of interest is increased to 18% p.a. from 13% p.a. The new rate of interest of 18% will be applicable from 1st April, 2011.

Durga prasad Ambati (Expert)
03 May 2011

Before 31 March 2011 13 %

After 31 March 2011 18 % .



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