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of <h1>Central Excise Dues: Interest on Delayed Payments Set at 20% Annually u/s 11AA, Even for Installments.</h1> The circular addresses the payment of Central Excise dues in installments and the interest applicable on delayed payments. With the introduction of Section 11AA in the Central Excise and Salt Act, 1944, the interest rate on delayed payments is set at 20% per annum, as per Notification No. 21/95-CE(NT) dated 29.5.1995. This rate applies even when installment facilities are granted, including past cases where such facilities were provided. The interest is calculated only on the outstanding balance, not the original amount due.
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