TaxTMI 
TaxTMI 
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.
Rate of interest on late payment of excise
02 Apr 2015 
4 Replies 
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Interest on late excise payment: government specified rate applies and delayed returns attract an additional penalty.
Interest on late excise payment is payable from the day after the due date until actual payment at the rate specified by the Central Government by notification under section 11AA, per Rule 8(3) of the Central Excise Rules, 2002. Rule 8(3A) imposes an additional penalty where duty declared in a return is not paid within one month from the due date, chargeable at the specified monthly rate for the period of default. Contributors noted the basic interest rate in practice and reported incremental increases announced in the Budget. (AI Summary)
Interest on late excise payment is payable from the day after the due date until actual payment at the rate specified by the Central Government by notification under section 11AA, per Rule 8(3) of the Central Excise Rules, 2002. Rule 8(3A) imposes an additional penalty where duty declared in a return is not paid within one month from the due date, chargeable at the specified monthly rate for the period of default. Contributors noted the basic interest rate in practice and reported incremental increases announced in the Budget. (AI Summary)