int rate for delay payment for excise duty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2011
What is the interest rate for delay payment of excise duty?
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.
03 May 2011
Before 31 March 2011 13 %
After 31 March 2011 18 % .
After 31 March 2011 18 % .
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