TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Interest on Delayed Customs Duty: Section 28AB Penalizes Collusion, Misstatements, or Suppressed Facts with 10-30% Annual Interest.</h1> Section 28AB of the Customs Act, introduced by the Finance (No. 2) Act, 1996, mandates interest on delayed payment of customs duty in cases of collusion, willful misstatements, or suppressed facts. The liable party must pay interest between 10% and 30% per annum, as determined by the Board, from the month following the duty's due date or erroneous refund. This provision does not apply to duties payable before the enactment of the Finance (No. 2) Bill, 1996. Interest is adjusted if the duty amount is modified by the Commissioner, Appellate Tribunal, or court.
TaxTMI 
TaxTMI 
