9911796707
TMI BlogRate of interest on late payment of excise dutyX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... t 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 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 wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be 12%.
The above changes will come into effect on the day the Finance Bill receives the assent of the President. X X X X Extracts X X X X X X X X Extracts X X X X
|
