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.

CS Bijoy

CS Bijoy (Expert)
Follow

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

PUNEET GOYAL (Expert)
Follow

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.)