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Applicability of interest rate on late payment of excise duty w.e.f. 01.04.2016
Dear Sir,
What is Interest Rate applicable from 01.04.2016 for late payment of Excise Duty, We will be paid Excise Liability for the Month of March.2016, which will be paid on May.2016. Then what is applicable Interest Rate as per Section 11A of Excise Act, is it 15% or 18%.
Replies (3)
For the month of March 2016, interest on Excise duty will be 15% per anum.
The rate of interest at the rate of 15% will only be applicble after passing of the finance bill . Please refer to S.T Notifications.
Above rate calculation is regarding interest on Excise. While Mr. Hanamshet, is saying about the interest rate on Service Tax. For your kind information, Changes in Excise and Customs is applicable just after the budget date, while changes in service tax is applicable after passing of the budget.
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