23 December 2010
Hi, Can anybody tell me the rate of Interest on delayed payment of excise.Please give me the reference. And Please refer the Rule 8(3) of CER,2002 & Section 11AB of CEA,1944. And tell me the date from which the rate of interest should be calculated.
24 December 2010
The rate of interest is 13%pa. The duty payment is supposed to be done by 5th of next month. e.g. duty liablity for the month of December 2010 should be discharged by 5th January 2011. However for March the duty payment is to be made by 31st March. Beyond due date, interest becomes applicable. Interest can be calculated for the delayed days.
24 December 2010
Thanks, But What is the meaning of section 11AB that says Interese should be from the first date of the month succeeding the month in which the duty ought to have been paid under this Act, or from the date of such erroneous refund, as the case may be,till the date of payment.
CAclubindia
