Interest on delayed duty payments now mandated at notified rates; exemption for prompt voluntary payment after board order. Person liable for central excise duty must pay interest on delayed payments, whether voluntary or after assessment, at a rate notified by the Central Government within a prescribed band; interest is calculated from the date the duty becomes due until actual payment. No interest is payable where duty arises from a Board order, instruction or direction and the full amount is voluntarily paid within the specified short period from that order without reserving any right of appeal.
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Interest on delayed duty payments now mandated at notified rates; exemption for prompt voluntary payment after board order.
Person liable for central excise duty must pay interest on delayed payments, whether voluntary or after assessment, at a rate notified by the Central Government within a prescribed band; interest is calculated from the date the duty becomes due until actual payment. No interest is payable where duty arises from a Board order, instruction or direction and the full amount is voluntarily paid within the specified short period from that order without reserving any right of appeal.
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