Interest rate for delayed excise duty payments set; prior notification superseded, affecting late payment liability. Central Board of Excise and Customs fixes the rate of interest for delayed payment of excise duty at twenty-four per cent per annum for the purposes of section 11AB of the Central Excise Act, 1944, and supersedes Notification No. 34/96-C.E. (N.T.), dated 9 October 1996, thereby establishing the statutory interest rate applicable to late duty payments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest rate for delayed excise duty payments set; prior notification superseded, affecting late payment liability.
Central Board of Excise and Customs fixes the rate of interest for delayed payment of excise duty at twenty-four per cent per annum for the purposes of section 11AB of the Central Excise Act, 1944, and supersedes Notification No. 34/96-C.E. (N.T.), dated 9 October 1996, thereby establishing the statutory interest rate applicable to late duty payments.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
