Payment of custom duty

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CA. Ankit Garg (Querist)
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30 October 2012 CAN ANYBODY TELL ME ABOUT THE PROVISION ON LATE PAYMENT OF CUSTOM DUTY IN CASE OF IMPORT.
1. WHAT IS THE DUE DATE OF PAYMANT OF CUSTOM DUTY IN CASE OF IMPORT?
2. AT WHAT RATE INTEREST ON LATE PAYMENT OF CUSTOM DUTY IN CASE OF IMPORT WILL BE CHARGED?
3. IS THERE ANY SEPERATE PROVISION FOR GOODS AT "ICD"?
4. WHETHER DATE OF PAYMENT OF DUTY IS ALSO TO BE INCLUDED OR NOT WHEN LATE PAYMENT IS BEING MADE?

Rama Krishnan

Rama Krishnan (Expert)
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30 October 2012
ANSWERS IS SAME SEQUENCE.

1. IN CASE OF IMPORT CUSTOMS DUTY TO BE PAID WITHIN 5 WORKING DAYS FROM BILL OF ENTRY DATE

2. INTEREST @15% WILL BE CHARGED POST FIVE DAYS UNDER SEC 47, VIDE NOTIFICATION NO 28/2002NT.

3. ONCE GOODS ARE BONDED, THEN THE INTEREST FREE PERIOD IS 90 DAYS, THEREAFTER INTEREST @15% WILL BE CHARGES UNDER SEC 61(2) VIDE NOTIFICATION 18/2003(NT).

4. IF YOU ARE DEPOSITING DUTY ON 10 DAYS, THEN 5 DAYS INTEREST WILL BE CHARGED.

HOPE ITS CLEAR

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