https://www.taxtmi.com/forum/issue?id=108351 Interest on late excise payment is payable from the day after the due date until actual payment at the rate specified by the Central Government by notification under section 11AA, per Rule 8(3) of the Central Excise Rules, 2002. Rule 8(3A) imposes an additional penalty where duty declared in a return is not paid within one month from the due date, chargeable at the specified monthly rate for the period of default. Contributors noted the basic interest rate in practice and reported incremental increases announced in the Budget. en-us Thu, 02 Apr 2015 12:29:15 +0530 Thu, 23 Jan 2025 15:56:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108351 Interest on late excise payment is payable from the day after the due date until actual payment at the rate specified by the Central Government by notification under section 11AA, per Rule 8(3) of the Central Excise Rules, 2002. Rule 8(3A) imposes an additional penalty where duty declared in a return is not paid within one month from the due date, chargeable at the specified monthly rate for the period of default. Contributors noted the basic interest rate in practice and reported incremental increases announced in the Budget. Discussion-Forum Central Excise Thu, 02 Apr 2015 12:29:15 +0530 https://www.taxtmi.com/forum/issue?id=108351