We have clear the material under Advance License scheme before discharging the export obligation. Due to Non full fillment of export obligation we required to pay the custom duty along with interest to the custom.
we want to know the rate of interest payble to custom along with the notification under which we make the payment
Interest Rate Discrepancy for Unfulfilled Export Obligations: 15% Bond vs. 18% Customs Charge Explained Under Advance Authorisation Scheme. A discussion on a forum involves a query about the interest payable due to non-fulfillment of export obligations under the Advance Authorisation Scheme. The original poster seeks clarification on the applicable interest rate for customs duty after failing to meet export requirements. A respondent advises checking the bond submitted during goods clearance for details. Another participant notes a discrepancy between the bond's 15% interest rate and the 18% charged by customs. A third reply confirms that the 18% interest rate is standard when duty becomes payable after initially availing of a waiver or concession. (AI Summary)
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