What is the interest on late e-filing of return of excise

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11 January 2012 please help me

what is the interest on late e-filing of return of excise er-3 ??.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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12 January 2012 ER - 3: This return form is for the assessee who is availing small scale exemption.

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.

Read more: http://dateyvs.com/budget04_dire.htm

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