Customs penalty reform sets capped penalties for evaded duty, with reduced charge where duty and interest are promptly paid. Substitution of clause (ii) of section 114 prescribes that for dutiable goods (excluding prohibited goods) the penalty is capped at a proportion of the duty sought to be evaded or a specified minimum monetary amount, with the duty and interest determined under the assessment provisions. If the determined duty and interest are paid within thirty days of communication of the assessment order, the payable penalty is reduced to twenty-five per cent. of the penalty so determined.
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Provisions expressly mentioned in the judgment/order text.
Customs penalty reform sets capped penalties for evaded duty, with reduced charge where duty and interest are promptly paid.
Substitution of clause (ii) of section 114 prescribes that for dutiable goods (excluding prohibited goods) the penalty is capped at a proportion of the duty sought to be evaded or a specified minimum monetary amount, with the duty and interest determined under the assessment provisions. If the determined duty and interest are paid within thirty days of communication of the assessment order, the payable penalty is reduced to twenty-five per cent. of the penalty so determined.
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