Late payment of excise duty

This query is : Resolved 

Querist : Anonymous (Querist) 03 October 2011

How is calculate the Interest (or) penality for the late payment of Excise duty?
Please mention the Rules & Notifications also.

Thankyou for your Precious reply.

CS Bijoy (Expert)
08 October 2011

In case of interest it is 18% but in case of Penalty it is depends on the offence u have committed.

08 October 2011

How to calculate interest?

Applicable section 11AB & Notification for increased rate of interest (18% pa) wef 01.04.2011 NN 6/2011 DTD 01.03.2011.

Earlier rate of interest was 13
% pa.

Amount of interest:

i. Amount of duty *rate of interest* numbber of days

ii.(number of days will be reckoned from the date duty become payable till the date of actual payment of amount due.)

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