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of <h1>Amendment to Section 112 of Customs Act: New Penalty on Dutiable Goods, Reduced for Prompt Payment Within 30 Days.</h1> Clause 81 of the Finance Bill, 2015, proposes an amendment to section 112 of the Customs Act. It aims to replace sub-clause (ii) of clause (b) to impose a penalty on dutiable goods, excluding prohibited goods, at a rate not exceeding ten percent of the evaded duty or five thousand rupees, whichever is higher. Additionally, if the determined duty and applicable interest are paid within thirty days of the order's communication, the penalty payable will be reduced to twenty-five percent of the initially determined penalty.
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