TaxTMI 
TaxTMI 
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..
intrest on delayed payment of customs duty.
12 Jun 2015 
6 Replies 
3972 Views Asked by
Interest on delayed customs duty: statute prescribes interest under section 47(2) and higher treatment under section 28AA/28AB.
Interest on delayed customs duty is chargeable under section 47(2) of the Customs Act with administrative guidance in Customs Notification No. 28/2002 (N.T.). The discussion confirms a distinct, higher interest treatment under provisions analogous to 28AA/28AB and reports no amendment to the cited notification. It also records that the interest-free compliance window was shortened to a two-day period by a budget amendment, affecting post-clearance interest application. (AI Summary)
Interest on delayed customs duty is chargeable under section 47(2) of the Customs Act with administrative guidance in Customs Notification No. 28/2002 (N.T.). The discussion confirms a distinct, higher interest treatment under provisions analogous to 28AA/28AB and reports no amendment to the cited notification. It also records that the interest-free compliance window was shortened to a two-day period by a budget amendment, affecting post-clearance interest application. (AI Summary)