TMI BlogProvisional assessement of Bill of Entry- RegX X X X Extracts X X X X X X X X Extracts X X X X ..... We have imported Iron Ore Pellets and filed Bill of Entry to the Customs Department. The Bill of Entry is assessed provisionally. To protect the demand of duty, if any, while finalization of said Bill of entry, the Customs Department has taken cash security deposit of 5.5 Lacs from us. After finalization of the Bill of Entry, the Customs Department has demanded ₹ 2.65 Lacs with appropriate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest in spite of ₹ 5.5 lacs cash security deposit paid by. We have submitted a letter to the Customs Department to appropriate the demand against the refund claim of ₹ 5.5 Lacs filed by us after finalization of said B/E. However, we have been informed by the Customs authority to pay ₹ 2.65 Lacs with interest then only the refund claim of ₹ 5.5 lacs of cash security dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osit will be settled. We feel that interest should not be recovered from us on demand at the time of finalization of Bill of entry, as we have already deposited cash security deposit to the Department. Kindly advised in the matter. Regards, VINAY - Reply By Ganeshan Kalyani - The Reply = Sir, have they given anything in writing. Have they mentioned any rule /section in support of their co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntention. Thanks. - Reply By KASTURI SETHI - The Reply = In the cases of provisional assessments when finalised, interest is payable from the day one. - Reply By vinay wakde - The Reply = Thanks, for reply. Regards, VINAY - Reply By YAGAY AND SUN - The Reply = Section 18(2) (b) is the relevant section of the Custom Act, 1962 for payment of interest in case of assessment is conducted pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisionally. - Reply By Ganeshan Kalyani - The Reply = The concern seems to be valid. When deposit is made then interest is demanded. The Govt kitty is filled up. Then why interest as if the assessee has delayed payment or has default the payment. Experts please share your views on this. Thanks. - Provisional assessement of Bill of Entry- Reg - Query Started By: - vinay wakde Dated:- 24-7-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 Customs - Import - Export - Customs - SEZ - Got 5 Replies - Customs - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.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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