TMI Blogchange of interest rate on late payment of PLAX X X X Extracts X X X X X X X X Extracts X X X X ..... Respected Sir, As regarding above subject, As u know that till 10-07-2014 the rate of interest on late payment of PLA was 18%,now according to the new budget is there any change in the interest rate.Please reply. THANKING U - Reply By Pradeep Khatri - The Reply = Dear Mehul, Interest rate changes: Interest rates per annum payable on delayed payments under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 75 , are prescribed as follows: Extent of delay Up to six months 18% More than six months and upto one year 18% for first six months, and 24% for the period of delay beyond six months More than one year 18% for first six months, 24% for second six months, and 30% for the period of delay beyond one year This is applicable from 1st October 2014. Compare ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with 6% for refund. 3% concession on the applicable rate of interest will continue to be available to the small service providers with turnover upto ₹ 60 Lakhs pa. This is for your kind information. Regards Team YAGAY and SUN (Management and Indirect Tax Consultants) - Reply By Naveed S - The Reply = As per the new budget, in central excise, there is no change in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate of interest of 18 % for delayed duty payment or for late payment of any pending Govt. dues. However, new rule 8 (3A) has been added in the new budget which is as follows :- (3A) If the assessee fails to pay the duty declared as payable by him in the return within a period of one month from the due date, then the assessee is liable to pay the penalty at the rate of one per cent. o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n such amount of the duty not paid, for each month or part thereof calculated from the due date, for the period during which such failure continues . Hence, apart from the existing 18% interest for late duty payment, further penalty of 1% is now required to be paid. - Reply By MEHUL ASHAR - The Reply = THANK U SIR FOR UR GUIDANCE - change of interest rate on late payment of PLA - Que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry Started By: - MEHUL ASHAR Dated:- 15-7-2014 Central Excise - Got 3 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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