TMI BlogInterest and Principal Amount of DemandX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Forum, I received duty draw back in my bank amount, long time back. Part Payment received from buyer and balance payment written off by me and proper request for Self Written Off sent to bank. My queries:- 1. Should i pay immediately proportionately amount of drawback to custom authorities or wait for the letter from them? 2. Should i pay interest on the said amount also? 3. In case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest amount is more than the amount of draw back, should i pay excess amount of interest or not more than the amount of drawback? (Is there any notification/clarification of department that interest amount can not be more than principal amount? please provide me the same) Thanks and regard - Reply By Pradeep Khatri - The Reply = Dear Ashok,You would have to pay back the proportionate Duty D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raw Back with interest at applicable rate. As per the RBI Guideline you can write of Foreign remittance upto the 10 percent of the average export performance of last three year. But as per the DGFTs notifications and circular proportionate export promotions benefits should be reversed along with interest.Customs Department may also conduct Audit (Post Import/Export. So take a conscious view in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this matter.RegardsTeam YAGAY & SUN(Management & Indirect Tax Consultants) - Interest and Principal Amount of Demand - Query Started By: - Ashok Chopra Dated:- 3-6-2014 Customs - Import - Export - Customs - SEZ - Got 1 Reply - Customs - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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