Seeks to fix the rate of interest under section 28AA of the Customs Act, 1962 and supersede notification No. 17/2011-Cus (N.T) dated 01.03.2011.
CBEC vide Notification No. 33/2016-Cus.,(N.T.), Dated: March 1, 2016 has provided that w.e.f. 1st April 2016 for delay in payment of Customs Duty, interest @ 15% p.a. would be payable as against earlier rate on 18% p.a.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
New Delhi, the 1st March, 2016.
G.S.R. 221(E).- In exercise of the powers conferred by section 28AA of the Customs Act, 1962 (52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 17/2011- Customs (N.T.), dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide, number G.S.R. 156(E), dated the 1st March, 2011, except as respects things done or omitted to be done before such supersession, the Central Government hereby fixes the rate of interest at fifteen per cent. per annum for the purpose of the said section.
2. This notification shall come into force from the 1st day of April, 2016.
[F. No.334/8/2016 -TRU]
Under Secretary to the Government of India