Interest on delayed excise payments applies to outstanding balances under instalment arrangements as per revised statute. Interest on delayed central excise dues is fixed at 20% per annum under the statutory changes introduced in 1995, and this rate applies even where instalment facilities are allowed. Previously granted instalment arrangements are subject to the statutory rate from the date the new provision became effective. Such interest is payable only on the actual outstanding balance at any time, not on the original assessed amount.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on delayed excise payments applies to outstanding balances under instalment arrangements as per revised statute.
Interest on delayed central excise dues is fixed at 20% per annum under the statutory changes introduced in 1995, and this rate applies even where instalment facilities are allowed. Previously granted instalment arrangements are subject to the statutory rate from the date the new provision became effective. Such interest is payable only on the actual outstanding balance at any time, not on the original assessed amount.
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