| Date: |
15-05-2000
|
| Notification No: |
Customs Circular No 43/2000
|
| Issuing Authority: |
Indian Customs
|
| Type: |
Circular
|
| File No: |
|
| Subject: |
Warehoused goods - Rate on slab basis for different periods
|
|
Warehoused goods - Rate on slab basis for different periods
Circular No. 43 dated 15th May
2000
It is directed to
invite your attention to the Notification No. 30/ 99-Customs (NT), dated
12.05.1999 providing for a graded scale of interest in case the goods warehoused
under Section 61(1)(b) of the Customs Act, 1962, are not removed after the
expiry of six months from the date of warehousing.
2. A
doubt has been raised whether interest is chargeable on the prevailing slab-rate
by giving the benefit of the slab-rates for preceding duration of warehousing.
One view taken is that the interest shall be chargeable at a single rate, i.e.,
at the rate applicable on the date of clearance of goods from the warehouse
without taking into account the lower rates of interest for the preceding
duration of the warehousing.
3. The
matter has been examined and it is clarified that the method of charging of
interest at different slab rates for different periods of duration of
warehousing is correct.
|
|
|