Rate of interest fixation under Customs Act prescribes applicable interest for liabilities and refunds under the Act. The Central Government, exercising powers under the Customs Act, fixes the rate of interest at six percent per annum for purposes of the Act's provision governing interest on customs-related obligations, effected by a notification of the Department of Revenue, Ministry of Finance, to prescribe the applicable interest rate for calculation of interest on customs liabilities and refunds.
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.
Rate of interest fixation under Customs Act prescribes applicable interest for liabilities and refunds under the Act.
The Central Government, exercising powers under the Customs Act, fixes the rate of interest at six percent per annum for purposes of the Act's provision governing interest on customs-related obligations, effected by a notification of the Department of Revenue, Ministry of Finance, to prescribe the applicable interest rate for calculation of interest on customs liabilities and refunds.
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