Interest Provisions
This query is : Resolved
Guest
Guest
(Querist)
12 March 2009
In Warehousing in customs there are three types of assesses and they have different Warehousing periods as given below
100% EOU Capital goods 5yrs
100% EOU Finished goods 3yrs
Other Importers 1 year
In Interest provisions U/s 61(2) it is written that for 100 % EOU calculation rate of interest on delayed payment starts after 5years/ 3yrs till the date of actual payment of duty.
It is also given that for Other Importers Interest is chargeable after the expiry of 90 days. Hence MY QUESTION: Is the Interest payable in first 90 days? or after the Expiry of 1 year and then after 90 days thereof Interest will be payable.
100% EOU Capital goods 5yrs
100% EOU Finished goods 3yrs
Other Importers 1 year
In Interest provisions U/s 61(2) it is written that for 100 % EOU calculation rate of interest on delayed payment starts after 5years/ 3yrs till the date of actual payment of duty.
It is also given that for Other Importers Interest is chargeable after the expiry of 90 days. Hence MY QUESTION: Is the Interest payable in first 90 days? or after the Expiry of 1 year and then after 90 days thereof Interest will be payable.
14 March 2009
Intrest is payable after 90 days. However, it will be calculated and paid at the time of filing of green bill of entry or request for extension of bonding period.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- LTCG for Assmt year 26-27
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
