Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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 Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Clarification Issued: 24% Interest on Unutilized Exempt Materials Under Paragraph 7.28 to Be Calculated as Simple Interest.</h1> The circular addresses a clarification request regarding Paragraph 7.28 of the Handbook of Procedures 1997-2002, which outlines the regularization process for bonafide defaults in fulfilling export obligations. The Wool and Woollens Export Promotion Council sought clarification on whether the 24% interest rate on unutilized exempt materials should be calculated as simple or compound interest. After consultation with the Department of Revenue, it is clarified that the 24% interest rate specified in the handbook should be interpreted as a simple interest rate. This clarification has been issued with the approval of the Director General of Foreign Trade.
TaxTMI 
TaxTMI 
