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 on delayed indirect tax payments lowered; higher charge where tax collected but not deposited, reduced rate for small providers.
Interest on delayed payment of excise duty is reduced to a uniform lower rate for indirect taxes with effect from 01.04.2016 by Notification No. 15/2016-CE (NT) dated 01.03.2016; the prior higher rate applies before that date. The Budget further provides a higher interest charge where service tax is collected but not deposited and a reduced interest rate for small assessees, both to take effect upon Finance Bill assent.