intrest on delayed payment of customs duty.

[GANESH IYER]

I know the delayed customs duty we have to pay interest @15% after two days of completion of B/E..

can some one let me know the provisions and respective customs notification for the same..

AI Summary

Interest Rate on Delayed Customs Duty Confirmed at 15% Under Section 47(2), No Recent Amendments Noted A forum participant inquired about the interest rate on delayed customs duty payments, specifically seeking the relevant legal provisions and notifications. Respondents referenced Section 47(2) of the Customs Act, 1962, and Customs Notification No. 28/2002, confirming a 15% interest rate. It was noted that the period for payment was reduced from five to two days as per the 2013-14 budget amendment. Another participant mentioned that under Sections 28AA and 28AB, the interest rate is 18%. There were no amendments to the interest rate under Section 47(2) since Notification 28/2002.