9911796707
TMI BlogInterest on repair of vesselsX X X X Extracts X X X X X X X X Extracts X X X X ..... the Customs Act, 1962- Clarification regarding Vide Finance act, 1994, Section 61 of the Customs Act, 1962 was amended and the normal warehousing period in respect of capital goods warehoused by 100% EOUs have been fixed for five years which is further extendable. Further the Board had been vested with powers under section 61(2) to specify class of goods in official Gazette in wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er issue of the notification, a doubt has arisen as to whether the goods which have been warehoused prior to the amendment of the Customs Act and issue of the notification and intended to be cleared for home consumption are eligible for exemption from payment of interest on duty under the aforesaid notification at the time of clearance from the warehouse. The matter has been examined by the Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eived by the Board from various quarters of trade and industry for discontinuation of practice of issuing interest demand notices issued at the time of extension in warehousing period or otherwise. It has been represented that the interest on the customs duty is to be collected only at the time of clearance of the goods from the warehouse for DTA and as such the demand notice appears necessary onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enforced till the issue of waiver of interest is decided. The instructions of the Board contained in circular F.No. 475/42/91/ - CUS VII dated 6.6.91, F.No. 475/37/92-LC dated 2.12.92 and F.No. 475/59/92-LC dated 16.2.93 are no more relevant in view of the fact that the interest amount will also be nil in cases where the duty payable at the time of clearance of goods from the warehouse is nil. Fur ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
