Interest on Pre-Deposits

[Adarsh Gupta]

Sir's,

I understand that interest @ 6% was introduced vide Notification no 24/2014 dated 12 Aug 2014 for refund of Pre-deposits u/s 35FF of CEA, 1944. Request your support to let me know the rate of interest on deposits made prior to 12th Aug 2014 before going to an appeal?

Regards,

ADARSH GUPTA

AI Summary

Interest on Pre-Deposits for Central Excise Appeals Set at 6% Per Annum from August 6, 2014, per Section 35FF. A user inquired about the rate of interest on pre-deposits made before August 12, 2014, in the context of Central Excise appeals. The response clarified that Section 35FF, effective from August 6, 2014, set the interest rate at 6% per annum for refunds of pre-deposits. Before this, interest on delayed refunds was governed by Section 35F and Section 11BB of the Central Excise Act, with the rate reduced to 6% from an earlier 8%, as per Notification No. 67/2003, which superseded Notification No. 17/2002.