Interest on delayed duty fixed under statute, increasing statutory interest liability for unpaid central excise dues. The Central Board of Excise and Customs, under the Central Excise Act, fixed the rate of interest at twenty per cent per annum for purposes of the statutory provision governing interest on delayed payment of central excise duty by Notification No. 34/96-C.E. (N.T.), dated 9-10-1996; that notification was subsequently superseded by Notification No. 08/2000-C.E. (N.T.).
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Interest on delayed duty fixed under statute, increasing statutory interest liability for unpaid central excise dues.
The Central Board of Excise and Customs, under the Central Excise Act, fixed the rate of interest at twenty per cent per annum for purposes of the statutory provision governing interest on delayed payment of central excise duty by Notification No. 34/96-C.E. (N.T.), dated 9-10-1996; that notification was subsequently superseded by Notification No. 08/2000-C.E. (N.T.).
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