Rate of interest on late payment of excise

[MEHUL ASHAR]

Respected sir,

As regarding above subject,my query is is there any change in the rate of interest on late payment of PLA according to the budget-2015-16 announced on 28-02-15 as before 28-02-15 the rate was 18% on late payment.Please reply.

AI Summary

Interest Rate on Late Excise Duty Payments Stays at 18%, Potentially Rising to 30% Under 2015-16 Budget Rules. A query was raised regarding changes in the interest rate on late payment of excise duty following the 2015-16 budget announcement. It was clarified that the interest rate remains at 18%, with potential increases up to 30% over time. According to Central Excise Rules, 2002, if duty payment is delayed, interest is charged from the day after the due date until payment. Additionally, a penalty of 1% per month applies if payment is not made within a month of the due date. An example calculation was provided for interest on an excise amount over 594 days.