intrest on delayed payment of customs duty., Customs - Exim - SEZ

[GANESH IYER]

I know the delayed customs duty we have to pay interest @15% after two days of completion of B/E..

can some one let me know the provisions and respective customs notification for the same..

Posts / Replies

[Mahir S]

Sir,

With reference to your above query , please refer the following :-

(i) Section 47 (2) of the Customs Act, 1962,

(ii) Customs Notification No. 28/2002 (N.T.) dated 13.05.2002.

Hope the above shall clarify the matter.

[PAWAN KUMAR]

Dear Ganesh Ji,

the reply of mahir ji is correct.

current rate of interst under 47(2) of customs act 1962 is 15%, however under section 28AA, 28AB it is 18%.

But the period of five days has now two days under Section 47(2) and it has been amended by budget 2013-14.

[GANESH IYER]

thanks you sirs.. for the information..

Ganesh Iyer

[GANESH IYER]

is there any amendment after notn 28/2002 for intrest rate under 47/2 of customs act 1962..??

[PAWAN KUMAR]

Dear Sir,

No amendment till date.

[Mahir S]

Yes sir agreed to above views.