CBEC vide Notification No. 15/2016-Central Excise (N.T), Dated: March 1, 2016 has provided that w.e.f. 1st April 2016 for delay in payment of Excise Duty, interest @ 15% p.a. would be payable as against earlier rate on 18% p.a.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
No. 15/2016-Central Excise (N.T.)
New Delhi, the 1st March, 2016
G.S.R.246 (E).— In exercise of the powers conferred by section 11AA of the Central Excise Act, 1944 (1of 1944) and in supersession of the notification of the Government of India in the Ministry of Finance(Department of Revenue) No.5/2011-Central Excise(N.T.), dated the 1st March, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide, number GSR 136 (E), dated the 1st March, 2011, except as respects things done or omitted to be done before such supersession, the Central Government hereby fixes the rate of interest at fifteen per cent. per annum for the purposes of the said section.
2. This notification shall come into force from the 1st day of April, 2016.
[F. No.334/8/2016 -TRU]
Under Secretary to the Government of India