TMI BlogCustoms refund applications regulations - CBEC clarificationX X X X Extracts X X X X X X X X Extracts X X X X ..... lations, 1995 - Interest on Refund - Instructions Reg. I am directed to say that with the enactment of the Finance Bill, 1995 with effect from 26.5.1995 section 27 A relating to payment of interest on delayed refund of customs duties have become part of the Customs Act, 1962. Consequently, Notification No. 32/95 (NT) customs dated 26.5.1995 has been issued by the Board to specify ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e made. As may be seen, the regulations also provide for the scrutiny of an application and its return of the applicant within a period of 10 working days. if it is found incomplete in any manner or detail. If however, the application is found to be complete in all respects for the purpose of processing the refund claim the same is to be acknowledged within the period of 10 working days. The inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efficiency and accountability. 5. As the period of interest determination starts from the date of receipt of a complete refund application, the responsibility of proper scrutiny of the applications for determining the completeness or otherwise of the applications can not be under estimated. Accordingly, particular importance is to be given to this area of work and it may be ensured that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oject import, etc.). Pre audit system as well as issue of cheques should be ensured at utmost speed. 7. I am directed to say that the Board has desired that this aspect of tax administration be given due importance in view of the revenue implications. Accordingly, the Commissioners of Customs concerned may evolve a suitable procedure for implementing the new legal provisions. Suitable detail ..... X X X X Extracts X X X X X X X X Extracts X X X X
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