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

Interest on Unpaid Service Tax is Mandatory and Cannot Be Waived, Say Experts; Penalties May Be Reduced or Waived A query was raised regarding the possibility of waiving interest due to incorrect interpretation or ignorance of tax laws. Three experts responded, clarifying that interest on unpaid service tax is statutorily required and cannot be waived. They emphasized that while penalties might be reduced or waived, interest is automatically applicable and must be paid if the tax or duty is not settled on time.