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Issue ID : 109999
- 0 -

Rate of interest on late payment of excise duty

Date 06 Mar 2016
Replies4 Answers
Views 57401 Views
Asked By

Respected Sir,

As regarding above subject, my query is that is there any change in the rate of interest on late payment of duty according to the budget 2016-17 because at present the rate is 18% on late payment of duty so from 01-04-2016 it will be 18% or else.Please reply.

THANKING U

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Old Query - New Comments are closed.

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Replied on Mar 6, 2016
1.

Sir,

With effect from 01.04.2016 the rate of interest to be levied under Section 11 AA of Central Excise Act, 1944 will be 15% vide Notification No. 15/2016-CE (NT) dated 01.03.2016. Prior to that date the rate of interest will be 18%.

- 0
Replied on Mar 6, 2016
2.

The rate of interest for delayed payment of excise duty has been minimized from 18% to 15% w.e.f. 01.04.2016.

- 0
Replied on Mar 7, 2016
3.

Endorsed the facts placed by Sh. Rajagopalan & Sh. Ganeshan ji...

- 0
Replied on Mar 8, 2016
4.

Sir,

It has been proposed in the recent Budget to rationalize the Interest rates on delayed payment of duty/tax across all indirect taxes uniformly at 15% per annum.

However, in case of Service Tax collected but not deposited to the exchequer, the rate of interest will be 24% per annum from the date on which the Service Tax payment became due.

Further, in case of Assessee, whose value of taxable services in the preceding year/years covered by the notice is less than ₹ 60 Lakh, the rate of interest on delayed payment of Service Tax will be 12%.

The above changes will come into effect on the day the Finance Bill receives the assent of the President.

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