TaxTMI 
TaxTMI 
Rate of interest on late payment of excise duty
X X X X Extracts X X X X
X X X X Extracts X X X X
....ate of interest on late payment of excise duty<br> Query (Issue) Started By: - MEHUL ASHAR Dated:- 6-3-2016 Last Reply Date:- 8-3-2016 Central Excise<br>Got 4 Replies<br>Central Excise<br>Respected Sir, As regarding above subject, my query is that is there any change in the rate of interest on late payment of duty according to the budget 2016-17 because at present the rate is 18% on late payment....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of duty so from 01-04-2016 it will be 18% or else.Please reply. THANKING U Reply By Rajagopalan Ranganathan: The Reply: Sir, With effect from 01.04.2016 the rate of interest to be levied under Section 11 AA of Central Excise Act, 1944 will be 15% vide Notification No. 15/2016-CE (NT) dated 01.03.2016. Prior to that date the rate of interest will be 18%. Reply By Ganeshan Kalyani: The Reply: ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... The rate of interest for delayed payment of excise duty has been minimized from 18% to 15% w.e.f. 01.04.2016. Reply By CS SANJAY MALHOTRA: The Reply: Endorsed the facts placed by Sh. Rajagopalan & Sh. Ganeshan ji... Reply By Mahir S: The Reply: Sir, It has been proposed in the recent Budget to rationalize the Interest rates on delayed payment of duty/tax across all indirect taxes uniformly a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t 15% per annum. However, in case of Service Tax collected but not deposited to the exchequer, the rate of interest will be 24% per annum from the date on which the Service Tax payment became due. Further, in case of Assessee, whose value of taxable services in the preceding year/years covered by the notice is less than ₹ 60 Lakh, the rate of interest on delayed payment of Service Tax will....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... be 12%. The above changes will come into effect on the day the Finance Bill receives the assent of the President.<br> Discussion Forum - Knowledge Sharing ....