Is it any rule or condition of Waiver of interest

[RAM SHARMA]

Dear Experts,

Pl tell any rule or condition in which we can waive our interest for wrong interpetion of any rule or ingnorance of law.

Thanks

[YAGAY andSUN]

Interest is statutorily payable, it can't be waived off.  Though, it may be reduced.

[NEERAJ KUMAR, RANCHI]

No there is not any such rule, interest is automatic and if tax/duty has not been paid in time, interest has to be paid.

[CASeetharaman KC]

Interest cannot be waived and is therefore payable. It is only penalties which can be reduced or waived

AI Summary

Statutory interest is non-waivable; only reduction possible, ignorance of law does not excuse liability in tax payments. Statutory interest on delayed service tax is mandatory and non-waivable even for incorrect interpretation or ignorance of law; interest accrues automatically on unpaid tax. Administrative authorities may reduce interest in suitable cases, but outright waiver is not available. Penalties, however, can be reduced or waived under applicable mitigation or remission mechanisms.