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TMI BlogExcess or Short Payment of Customs Duty? Here's What You Must Know!X X X X Extracts X X X X X X X X Extracts X X X X ..... Excess or Short Payment of Customs Duty? Here's What You Must Know! X X X X Extracts X X X X X X X X Extracts X X X X ..... 𝗼 𝗳𝗶𝘅 𝘁𝗵𝗶𝘀! ✅ A. 𝗢𝘃𝗲𝗿𝗽𝗮𝗶𝗱 𝗗𝘂𝘁𝘆? 𝗛𝗲𝗿𝗲'𝘀 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂 𝗖𝗮𝗻 𝗗𝗼: 1️⃣ 𝗢𝗽x ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 321;𝗶𝗼𝗻 1: 𝗔𝗽𝗽𝗲𝗮𝗹 𝘁𝗼 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝗲𝗿 (𝗔𝗽𝗽𝗲𝗮𝗹𝘀) 🔗 You can file an appeal within 60 𝗱𝗮𝘆𝘀 under Section 128 of the Customs Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. 📜 🔗 If successful, you could be eligible for a 𝗿𝗲𝗳𝘂𝗻𝗱 of the excess duty paid. 💰 2️⃣ 𝗢𝗽𝘁𝗶𝗼𝗻 2: 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝘂𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20310;𝗼𝗻 149 🔗 Missed the deadline? No worries! Apply for an 𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 under Section 149. 🗂️ If approved, the authorities may reassess the duty and issue a 𝗿𝗲𝗳𝘂𝗻𝗱. 🤑 B. 𝗨𝗻𝗱𝗲𝗿𝗽 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2;𝗶𝗱 𝗗𝘂𝘁𝘆? 𝗛𝗲𝗿𝗲'𝘀 𝗬𝗼𝘂𝗿 𝗙𝗶𝘅: 🔗Pay the difference in 𝗕𝗮𝘀𝗶𝗰 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗗𝘂𝘁𝘆 & 𝗜𝗚𝗦𝗧 using ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a 𝗧𝗥-6 𝗖𝗵𝗮𝗹𝗹𝗮𝗻. 💵You can also claim 𝗚𝗦𝗧 𝗰𝗿𝗲𝗱𝗶𝘁 for the IGST paid under Section 16(2)(a). 🎯 📆 𝗧𝗶𝗺𝗲 𝗟𝗶𝗺𝗶𝘁 𝗳𝗼𝗿 𝗚𝗦𝗧 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 𝗖𝗿𝗲𝗱𝗶𝘁? Typically, GST credit should be claimed by 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 of the next financial year or before the 𝗮𝗻𝗻𝘂𝗮𝗹 𝗿𝗲𝘁𝘂𝗿𝗻, whichever comes first. 📊 However, for 𝗧𝗥- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 𝗖𝗵𝗮𝗹𝗹𝗮𝗻𝘀, there's 𝗻𝗼 𝘀𝘁𝗿𝗶𝗰𝘁 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲! ✅ 📌 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝘃𝘀 𝗔𝗽𝗽𝗲𝗮 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20313;: 𝗪𝗵𝗮𝘁 to choose? It's well-established in law that importers can choose between: 1️⃣ Seeking an 𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 under Section 149 or 2️⃣ Filing an 𝗮𝗽𝗽𝗲𝗮𝗹 under Section 128 of the Act. This was clearly stated by the Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n'ble Supreme Court in ITC LIMITED VERSUS COMMISSIONER OF CENTRAL EXCISE, KOLKATA -IV - 2019 (9) TMI 802 - SUPREME COURT (LB) The same was reaffirmed by the Telangana High Court in M/S. SONY INDIA PVT. LTD. VERSUS UNION OF INDIA AND ANOTHER - 2021 (8) TMI 622 - TELANGANA HIGH COURT and later upheld by the Supreme Court in UNION OF INDIA & ANR. VERSUS M/S SONY INDIA PVT. LTD. - 2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) TMI 1086 - SC ORDER ⚖️
💡 𝗧𝗵𝗲 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆?
Importers don't have to suffer in case of excess or short payment of Customs Duty. There are legal ways to fix it. X X X X Extracts X X X X X X X X Extracts X X X X
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