TaxTMI 
TaxTMI 
Interest payment month wise
19 Aug 2014 
4 Replies 
2270 Views Asked by
Guest 
Interest calculation on differential excise duty due from original clearance date; computed by days using a standard year basis.
Interest on additional duty from a supplementary invoice accrues from the original duty liability date; the differential amount is treated as though payable at the time of original clearance. Interest is calculated on a days basis by dividing the number of delayed days by the annual day count to obtain the fraction of a year, then applying the prescribed interest rate to the differential duty for that period. (AI Summary)
Interest on additional duty from a supplementary invoice accrues from the original duty liability date; the differential amount is treated as though payable at the time of original clearance. Interest is calculated on a days basis by dividing the number of delayed days by the annual day count to obtain the fraction of a year, then applying the prescribed interest rate to the differential duty for that period. (AI Summary)
Dear Sir, In case of supplementary invoice raised is interest required to pay month wise or days wise, please give us any reference regarding this, thanksand regards.