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of <h1>New Amendment to Section 11AB: Interest on Unpaid Excise Duty Ranges from 18% to 36%, Effective Post-2001 Finance Bill.</h1> Section 11AB of the Central Excise Act is amended to specify that if excise duty is not levied, paid, short-levied, short-paid, or erroneously refunded, the liable person must pay interest on the duty. The interest rate, set by the Central Government, ranges from 18% to 36% per annum, starting from the month after the duty was due or from the erroneous refund date. No interest is payable if the duty is voluntarily paid within 45 days following a Board order under section 37B. The amendment does not apply to duties payable before the Finance Bill, 2001's presidential assent.
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