TaxTMI 
TaxTMI 
INTEREST CALCULATION ON DEPB REVERSAL
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....NTEREST CALCULATION ON DEPB REVERSAL<br> Query (Issue) Started By: - sanjeev jadhav Dated:- 4-2-2012 Last Reply Date:- 11-5-2012 Customs - Exim - SEZ<br>Got 2 Replies<br>Customs<br>Dear Sir, we have r....
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....e-imported goods due to rejection from our customer originally exported under DEPB scheme. My query is regarding calculation of interest on DEPB reversal. Please clarify whehter we have to pay interes....
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....t from date of shipping bill or from the date of issue of DEPB license. If their is any circulare or notification in this regard please be quoted. Also inform rate of interest on DEPB reversal. Reply....
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.... By SRINIVAS MADALA: The Reply: the point is if the lic has been alredy utilised, then you have to pay duty along with @18% interest from the date of Bill of Entry. In case of you have not ut....
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....ilised that lic you may surronder to DGFT in order to close the file. in cenvat portion also you have to reverse along with @18% interest when the lic has been utilised by you Reply By Rajendra Kuma....
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....r Mehrotra: The Reply: How the DEPB has been used? Weather it was sold or used by orignal owener. In any case the interest calculation will be from the date of utilization till the date of nreversal....
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..... Presently the interest rate is 15% and not 18% but that also depends on the date of issue of DEPB.<br> Discussion Forum - Knowledge Sharing ....