Interest on delayed Customs duty arises after statutory grace period; Board fixes the annual rate within prescribed limits. Section 28AA imposes interest on Customs duty determined under section 28(2) that remains unpaid after a three month grace period, with the Board fixing an annual interest rate within prescribed bounds; transitional rules govern duties determined before assent, and explanations specify operative dates for interest where duties are reduced, increased, or further increased on appeal or review.
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Interest on delayed Customs duty arises after statutory grace period; Board fixes the annual rate within prescribed limits.
Section 28AA imposes interest on Customs duty determined under section 28(2) that remains unpaid after a three month grace period, with the Board fixing an annual interest rate within prescribed bounds; transitional rules govern duties determined before assent, and explanations specify operative dates for interest where duties are reduced, increased, or further increased on appeal or review.
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