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of <h1>Finance Bill 2015 Amends Customs Act: Reduced Penalties and New Proviso in Section 28 for Timely Payments</h1> Clause 80 of the Finance Bill, 2015 proposes amendments to section 28 of the Customs Act, including the introduction of a proviso allowing the conclusion of proceedings without penalty if duties and interest are paid within thirty days. It also reduces the penalty rate from twenty-five to fifteen percent. Clauses 81 and 82 amend sections 112 and 114, respectively, setting a penalty not exceeding ten percent of the evaded duty or five thousand rupees, with a reduced penalty if paid within thirty days. Clauses 83 to 88 propose various omissions in sections 127A, 127B, 127C, 127E, 127H, and 127L of the Customs Act.
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