Intrest rate

It is 18% - Sec 11 AA of  CE act.

Regards

Dayananda

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....................