Interest on warehoused goods to be calculated and collected at clearance; specified classes exempt, prior warehoused goods covered. Interest under Section 61 is to be calculated with reference to duty payable at time of clearance; specified classes of warehoused goods are exempt from interest at clearance and that exemption extends to goods warehoused before the amendment if not cleared for home consumption; capital goods of 100% EOUs debonded before the amendment remain under the old regime. Field formations must desist from issuing enforceable interest demands at warehousing extension stage; quantification and collection of interest occur at clearance, and existing demand notices are to be processed under waiver guidelines.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on warehoused goods to be calculated and collected at clearance; specified classes exempt, prior warehoused goods covered.
Interest under Section 61 is to be calculated with reference to duty payable at time of clearance; specified classes of warehoused goods are exempt from interest at clearance and that exemption extends to goods warehoused before the amendment if not cleared for home consumption; capital goods of 100% EOUs debonded before the amendment remain under the old regime. Field formations must desist from issuing enforceable interest demands at warehousing extension stage; quantification and collection of interest occur at clearance, and existing demand notices are to be processed under waiver guidelines.
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