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Delay payment interest calculation

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2015 Dear Sir,
Excise duty Rs.375250 delay for payment for the month of DEC 2014.out of 375250 Excise duty paid 10.02.2015 Rs.125000. please send me interest amount of excise duty with calculation formula.
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Santosh Soni, CEST Consultant

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Santosh Soni, CEST Consultant (Expert)
13 February 2015 The due date for payment of excise duty is 5th day of following month.

Part duty paid on 10.2.2015, delayed by 5 days.

Interest=[duty * 0.18 * (DelayDays)]/365

When remaining duty would be paid, the same formula applicable for computation of interest.
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