Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 28AA – Customs Act, 1962

The Customs Act, 1962

 

 

28AA. INTEREST ON DELAYED PAYMENT OF DUTY. –

 

1[28AA. Interest on delayed payment of duty.—2[(1)] 3[Subject to the provisions contained in section 28AB, where a person,] chargeable with the duty determined under sub-section (2) of section 28, fails to pay such duty within three months from the date of such determination, he shall pay, in addition to the duty, interest 4[at such rate not below 5[ten per cent.] and not exceeding thirty-six per cent. per annum, as is for the time being fixed by the Central Government, by notification in the Official Gazette], on such duty from the date immediately after the expiry of the said period of three months till the date of payment of such duty:

 

Provided that where a person, chargeable with duty determined under sub-section (2) of section 28 before the date on which the Finance Bill, 1995 receives the assent of the President*, fails to pay such duty within three months from such date, then, such person shall be liable to pay interest under this section from the date immediately after three months from such date, till the date of payment of such duty.

 

Explanation 1.—Where the duty determined to be payable is reduced by the Commissioner (Appeals), Appellate Tribunal 6[, the National Tax Tribunal] or, as the case may be, the court, the date of such determination shall be the date on which an amount of duty is first determined to be payable.

 

Explanation 2.—Where the duty determined to be payable is increased or further increased by the Commissioner (Appeals), Appellate Tribunal 6[, the National Tax Tribunal] or, as the case may be, the court, the date of such determination shall be,—

 

(a) for the amount of duty first determined to be payable, the date on which the duty is so determined;

 

(b) for the amount of increased duty, the date of order by which the increased amount of duty is first determined to be payable;

 

(c) for the amount of further increase of duty, the date of order on which the duty is so further increased.]

 

7[(2) The provisions of sub-section (1) shall not apply to cases where the duty or the interest becomes payable or ought to be paid on and after the date on which the Finance Bill, 2001 receives the assent of the President**.]

 

—————

1. Ins. by Act 22 of 1995, sec. 57 (w.e.f. 26-5-1995).

 

2. Section 28AA renumbered as sub-section (1) thereof by Act 14 of 2001, sec. 104 (w.e.f. 11-5-2001).

 

3. Subs. by Act 33 of 1996, sec. 61, for “Where a person” (w.e.f. 28-9-1996).

 

4. Subs. by Act 10 of 2000, sec. 80, for certain words (w.e.f. 12-5-2000).

 

5. Subs. by Act 20 of 2002, sec. 120, for “eighteen per cent.” (w.e.f. 11-5-2002).

 

* Ed. The Finance Bill, 1995 received the assent of the President on 26th May, 1995.

 

6. Ins. by Act 49 of 2005, sec. 30 and Sch., Pt. VI-4 (w.e.f. 28-12-2005).

 

7. Ins. by Act 14 of 2001, sec. 104 (w.e.f. 11-5-2001).

 

** Ed. The Finance Bill, 2001 received the assent of the President on 11th May, 2001.

 

 

Previous | Next

 

Laws – Customs Act, 1962

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation