Failure to export – Interest reduced
The current rate of interest charged by the Government for delayed payment of duty is 13%. But it used to be 24% once upon a time and it was remained 24% in some of the notifications. The Government has now corrected this anomaly in Notification No. 42 and 45/2001-C.E. (N.T.) Dated June 26, 2001 relating to exports. The rate of interest is made the interest prescribed by notification under Section 11AB.
Notification No. 20 & , Dated April 19, 2007