Rate of interest for payment of confirmed demand.

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..... Rate of interest for payment of confirmed demand.
Query (Issue) Started By: - vinay wakde Dated:- 28-7-2016 Last Reply Date:- 30-7-2016 Central Excise
Got 4 Replies
Central Excise
We have received show cause notice on Input services on which we have taken CENVAT credit during Feb, 2014 and utilized for payment of Excise duty. Since, we have find no merits in our case and credit amount .....

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..... is negligible after demand confirmed by the Commissioner (Appeals), we shall be reversing the duty with Interest and Penalty. Kindly let us know Interest rate for relevant period. Regards, VINAY Reply By Rajagopalan Ranganathan: The Reply: Sir, As per Notification No. 15/2016-C.E. (NT) dated 1.3.2016 the rate of interest is 15% per annum. This Notification has come into effect from 1.4.2016. .....

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..... Therefore if you pay amount demanded on or after 1.4.2016 the rate of interest will be 15%. The rate of interest applicable will be the date of payment of the demand. The previous rate was 18%. Reply By Ganeshan Kalyani: The Reply: Sir, I agree with the views submitted by Sri Rajagopalan Sir. Additionally avail benefit of lower payment of penalty by paying within one month of the receipt of SCN .....

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..... . Thanks. Reply By vinay wakde: The Reply: Thanks for valuable guidance. Regards, VINAY Reply By KASTURI SETHI: The Reply: I agree with both experts to the core but there is a practice in the department to recover interest for the past period as per the rate of interest remained in force in terms of relevant notifications. It is a fact.
Discussion Forum - Knowledge Sharing .....

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