Provisional assessement of Bill of Entry- Reg

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....rovisional assessement of Bill of Entry- Reg<br> Query (Issue) Started By: - vinay wakde Dated:- 24-7-2016 Last Reply Date:- 11-9-2016 Customs - Exim - SEZ<br>Got 5 Replies<br>Customs<br>We have imported Iron Ore Pellets and filed Bill of Entry to the Customs Department. The Bill of Entry is assessed provisionally. To protect the demand of duty, if any, while finalization of said Bill of entry, th....

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....e Customs Department has taken cash security deposit of 5.5 Lacs from us. After finalization of the Bill of Entry, the Customs Department has demanded &#8377; 2.65 Lacs with appropriate interest in spite of &#8377; 5.5 lacs cash security deposit paid by. We have submitted a letter to the Customs Department to appropriate the demand against the refund claim of &#8377; 5.5 Lacs filed by us after fi....

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....nalization of said B/E. However, we have been informed by the Customs authority to pay &#8377; 2.65 Lacs with interest then only the refund claim of &#8377; 5.5 lacs of cash security deposit will be settled. We feel that interest should not be recovered from us on demand at the time of finalization of Bill of entry, as we have already deposited cash security deposit to the Department. Kindly advi....

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....sed in the matter. Regards, VINAY Reply By Ganeshan Kalyani: The Reply: Sir, have they given anything in writing. Have they mentioned any rule /section in support of their contention. Thanks. Reply By KASTURI SETHI: The Reply: In the cases of provisional assessments when finalised, interest is payable from the day one. Reply By vinay wakde: The Reply: Thanks, for reply. Regards, VINAY R....

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....eply By YAGAY AND SUN: The Reply: Section 18(2) (b) is the relevant section of the Custom Act, 1962 for payment of interest in case of assessment is conducted provisionally. Reply By Ganeshan Kalyani: The Reply: The concern seems to be valid. When deposit is made then interest is demanded. The Govt kitty is filled up. Then why interest as if the assessee has delayed payment or has default the p....

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....ayment. Experts please share your views on this. Thanks.<br> Discussion Forum - Knowledge Sharing ....