Rate of interest on late payment of excise duty

[MEHUL ASHAR]

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

AI Summary

Interest Rate for Late Excise Duty Payments Drops to 15% from April 1, 2016, per Notification No. 15/2016-CE (NT). A query was raised regarding the change in the interest rate for late payment of excise duty following the 2016-17 budget. The current rate was 18%, but it was confirmed by multiple respondents that from April 1, 2016, the rate would decrease to 15% as per Notification No. 15/2016-CE (NT). Additionally, it was noted that the interest rate for delayed service tax payments would be 24% if collected but not deposited, and 12% for assessees with taxable services below 60 lakh in the previous year. These changes would take effect once the Finance Bill received presidential assent.