AMENDMENTS IN THE CUSTOMS ACT, 1962

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Question - What are the amendments proposed in The Custom Act, 1962 in Finance Bill 2015 ?

AI Summary

Finance Bill 2015 proposes Customs Act amendments: Penalty adjustments in Sections 28, 112, 114, and procedural updates in 127A-E, 127H-L. The discussion addresses amendments to the Customs Act, 1962, proposed in the Finance Bill 2015. Key changes include amendments to Section 28, reducing penalties for non-fraudulent cases if dues are paid within 30 days, and adjusting penalties for fraudulent cases. Section 112 and 114 amendments involve penalties related to improper importation and exportation of goods. Changes to Section 127A-E and 127H-L involve procedural adjustments to the Settlement Commission, removing redundant provisions and clarifying the scope of applications and settlements. These amendments aim to streamline processes and update penalty structures in line with current practices.