Manner of payment of interest on warehoused goods

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....ntion of all the Importers, Customs Brokers and the members of the Trade is invited to the Board's Circular No.23/2016 Customs, dated 01.06.2016 on the above mentioned subject. 2. Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of c....

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....ter and the same decided upon clearance of the goods, i.e. when the liability became determinable (Para 7 of Board's Circular No.10/2006-Customs dated 14.02.2006).The extant circulars have been reviewed by the Board with a view towards simplification of processes and promoting the ease of doing business. 4. In order to secure revenue and discourage protracted duty deferment arising due to wa....