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of <h1>Customs clarifies Section 61(1)(b) interest calculation uses graded slab rates for different warehousing periods, not single clearance rate.</h1> The customs department clarified the method for calculating interest on warehoused goods under Section 61(1)(b) of the Customs Act, 1962. A doubt arose regarding whether interest should be charged at a single rate applicable on clearance date or using graded slab rates for different warehousing periods as specified in Notification No. 30/99-Customs dated 12.05.1999. The notification provides for graded interest scales when goods remain warehoused beyond six months from warehousing date. The department examined the matter and confirmed that charging interest at different slab rates for different periods of warehousing duration is the correct method, rather than applying a single rate based on the clearance date without considering lower rates for preceding periods.
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