Intrest rate

Pls tell me rate of interest for export meterial diverting to domestic market. Pls provide reference also
Replies (5)

It is 18% - Sec 11 AA of  CE act.

 

Regards

Dayananda

 

 

My range supt saying 24% ref : Cancellation of export documents provision in manual. present we are paying 18% pls advise me in this regard.

your supt saying is correct

Please explain how supt is correct in charging higher rate of interest than notified under the provision.

Regards

Dayananda

Pls see excise manual at pg no.6.77 under cancellation of export documents.

" if the eecisable goods cleared under ARE-1 are not exported for any reasong and the exporter intends to divert the goods for home consumption, he may request in writing the authority who accepted the bond/LUT to cancellation of application....................He will permitted to do so if he pays the duty as specifed inthe applicaion along with interest at the rate of twenty four percent per annum on such duty from the date of removal for export from the factory....................

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