Standing Order No. 01/2024 - Guidelines on Quantum of Penalties under Sections 112, 114A, and 114AA of the Customs Act, 1962

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mposed is not as per the Statute. Therefore, a need has arisen to draw specific attention to the various sections of the Act, wherein guidance regarding quantum of penalty that may be imposed are mentioned: Sl. Nos. Major Sections under which penalties imposed under Customs Act, 1962. Quantum of penalty to be imposed.   Sec. 112. Penalty for importer importation of goods, etc. 1. Sec. 112(a)(i) or 112(b)(i) Penalty not exceeding the value of the goods or five thousand rupees, whichever is greater. 2. Sec. 112(a)(ii) or 112(b)(ii) Penalty not exceeding ten percent of the duty sought to be evaded or five thousand rupees, whichever is higher. 3. Sec. 112(a)(iii) or 112(b)(iii) Penalty not exceedin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....twenty-five per cent of the duty or interest, as the case may be, so determined. 8. Provided further that the benefit of reduced penalty under the first proviso shall be available..... Subject to the condition that the amount of penalty so determined has also been paid within the period of thirty days referred to in that proviso: 9. Provided also that where the duty or interest determined to be payable is reduced or increased by the Commissioner (Appeals), the Appellate Tribunal or, as the case may be, the Court.... Then for the purposes of this section, the duty or interest as reduced or increased, as the case may be, shall be taken into account. 10. Provided also that in case where the duty or interest determined t....