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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Excise Board Clarifies Payment of Dues in Installments with 17.5% Interest; Court Intervention Sought by Assessees.</h1> The Ministry of Finance's Central Board of Excise and Customs issued a circular regarding the payment of government dues in installments and the associated interest. Principal Collectors of Central Excise are authorized to allow payment of dues in up to 12 installments, with a simple interest rate of 17.5% compounded monthly. Disputes have arisen regarding interest collection, with some assessees seeking court intervention or interest waivers. The Board clarified that interest should be collected as per the 1991 instructions unless a court issues a stay order.
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