TaxTMI 
TaxTMI 
Respected Sir,
Please explain me ,Central Excise late payment interest rate , penalty & Current Notification no .
Also know the slab of interest rate form 1 month to 1year.
Thanks & Regards
MAYA KARPE
PUNE, MAHARASHTRA
INTEREST RATE , PENALTY & NOTIFCATION OF LATE PAYMENT OF CENTRAL EXCISE
09 Jul 2016 
3 Replies 
15184 Views Asked by
Interest on late central excise duty accrues from the day after due date at the notified rate; penalty applies after one month.
Interest on unpaid central excise duty accrues from the first day after the due date until payment at the rate notified by the Central Government under the Act; the 2016 notification increased that notified rate. If duty declared in the return is unpaid within one month from the due date, a penalty of one per cent per month or part thereof applies on the unpaid duty from the due date, and for this purpose a "month" means the period between two consecutive due dates. Slab-wise interest rates do not exist under central excise rules. (AI Summary)
Interest on unpaid central excise duty accrues from the first day after the due date until payment at the rate notified by the Central Government under the Act; the 2016 notification increased that notified rate. If duty declared in the return is unpaid within one month from the due date, a penalty of one per cent per month or part thereof applies on the unpaid duty from the due date, and for this purpose a "month" means the period between two consecutive due dates. Slab-wise interest rates do not exist under central excise rules. (AI Summary)