Late payment of excise duty
This query is : Resolved
Querist : Anonymous
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.
Please mention the Rules & Notifications also.
Thankyou for your Precious reply.
08 October 2011
In case of interest it is 18% but in case of Penalty it is depends on the offence u have committed.
PUNEET GOYAL
(Expert)
08 October 2011
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.)
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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