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TMI BlogINTEREST RATE , PENALTY & NOTIFCATION OF LATE PAYMENT OF CENTRAL EXCISEX X X X Extracts X X X X X X X X Extracts X X X X ..... INTEREST RATE , PENALTY & NOTIFCATION OF LATE PAYMENT OF CENTRAL EXCISE X X X X Extracts X X X X X X X X Extracts X X X X ..... gards MAYA KARPE PUNE, MAHARASHTRA Reply By Rajagopalan Ranganathan: The Reply: Sir, As per sub-rule 93) of rule 8 of Central Excise Rules, 2002- If the assessee fails to pay the amount of duty by the due date, he shall be liable to pay the outstanding amount along with an interest at the rate of specified by the Central Government vide notification under section 11AA of the Act on the outst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anding amount, for the period starting with the first day after due date till the date of actual payment of the outstanding amount. (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. on such amount of the duty not paid, for each month or part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thereof calculated from the due date, for the period during which such failure continues . Explanation.- For the purposes of this sub-rule, 'month' means the period between two consecutive due dates for payment of duty specified under sub-rule (1) or the first proviso to sub-rule (1) , as the case may be. The rate of interest is 15% with effect from 1.4.2016 vide Notification No. 15/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 - Central Excise (N.T) dated 1.3.2016.
Reply By KASTURI SETHI:
The Reply:
Slabs of interest do not exist.
Reply By Ganeshan Kalyani:
The Reply:
Sir, slab wise interest rate is not there in Excise. Thanks. X X X X Extracts X X X X X X X X Extracts X X X X
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