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| This query is : Resolved
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Author : Anonymous
( Author )
03 October 2011
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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.
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CS Bijoy
( Expert )
08 October 2011
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In case of interest it is 18% but in case of Penalty it is depends on the offence u have committed.
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PUNEET GOYAL
( Expert )
08 October 2011
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How to calculate interest?
Ans:
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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