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Video Presentation Rate of interest on delayed payment & increase in period of limitation for non-fraud cases under ST Excise & Customs

Budget - By: - Bimal jain - Dated:- 7-5-2016 - Dear Professional Colleague, Video Presentation: Rate of interest on delayed payment & increase in period of limitation for non-fraud cases under ST, Excise & Customs Vide Union Budget, 2016, Interest rates on delayed payment of duty/ taxes across all indirect taxes is proposed to be made uniform at 15% per annum, except in case of Service tax collected but not deposited with the Central Government, in which case the rate of interest will be .....

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efore the date on which such payment becomes due, in that case, the rate of interest shall be @ 24% per annum. Other than in situations covered under serial number 1 above, the rate of interest shall be @ 15% per annum. Further, in case of assessees, whose value of taxable services in the preceding year/years covered by the notice is less than ₹ 60 Lakhs, the rate of interest on delayed payment of Service tax will be reduced by 3% i.e. effective rate of Service tax would either be 21% per .....

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r annum in case of delayed payment of Excise duty. Interest on delayed payment of Customs duty under Section 28 AA of Customs Act, 1962 ( the Customs Act ) The rate of interest is also rationalized to 15% per annum, effective from April 1 2016, as against present rate of 18% per annum in case of delayed payment of Customs duty. The above stated changes, duly amended/ clarified by following Notifications as on date: Notifications Particulars Notification No. 13/2016-ST dated 01.03.2016 Amended Se .....

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nnum as against present rate of 18% per annum. Notification No. 15/2016-CE(NT) dated 01.03.2016 Amended Section 11 AA of the Excise Act in order to rationalize the rate of interest to 15% per annum as against present rate of 18% per annum. Notification No. 33/2016-Cus(NT) dated 01.03.2016 Amended Section 28 AA of the Customs Act for the purpose of rationalizing the rate of interest to 15% per annum as against present rate of 18% per annum. D.O.F. No. 334/8/2016-TRU dated February 29, 2016 Para N .....

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tax across all indirect taxes is proposed to be made uniform at 15%, except in case of service tax collected but not deposited with the Central Government, in which case the rate of interest will be 24% from the date on which the service tax payment became due. Notifications under section 73B and section 75 of the Finance Act, 1994 are being issued accordingly . Increase in Period of limitation for issuing SCN for non-fraud cases under Service tax, Excise and Customs: Changes proposed in Section .....

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