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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest on Delayed Customs Duty Under Section 28AA: Pay 10-30% Per Annum After 3-Month Period</h1> Section 28AA of the Customs Act, introduced by the Finance Act, 1995, mandates that individuals liable for duty under section 28(2) must pay interest on delayed payments. If the duty is unpaid within three months of determination, interest between ten and thirty percent per annum is charged from the end of the three-month period until payment. If duty was determined before the Finance Bill, 1995's presidential assent, interest applies after three months from that assent. Explanations clarify the determination dates for payable duties, considering any reductions or increases by relevant authorities or courts.
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