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Govt cuts penalty for customs duty fraud by 10 pc
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SME Times News Bureau | 24 Jun, 2015
Making amendments to the Customs Act, the government has reduced by 10
percent the penalty applicable on customs duty fraud, it was announced
on Tuesday.
The amount of penalty payable in cases involving
fraud, collusion, wilful mis-statement or suppression of facts with the
intent to evade payment of duty, will be 15 percent instead of 25
percent, an official statement said.
Moreover, there will be a
penalty not exceeding 10 percent of the duty sought to be evaded or
Rs.5,000, whichever is higher, for evading duty on export and import of
goods.
As per the Finance Act, 2015, that got President Pranab
Mukherjee's assent last month, the relevant sections of the Customs Act
which provide for penalty for improper import and export of goods have
been amended to provide for a penalty of up to 10 percent of the duty
sought to be evaded, or Rs.5,000, whichever is higher.
The finance ministry has also rationalised penalties for central excise duty and service tax evasions.
In
case of any wilful evasion of central excise duty, a penalty equal to
the duty evasion will be payable. Besides, the penalty will be 100
percent of the service tax amount involved in such cases.
As per
the amendment, there will be no penalty imposed on an assessee if the
customs, excise duties or service tax are not properly levied, and if
those amounts along with interest are paid within 30 days of issuance of
show-cause notices.
The penalty waiver is applicable in cases of fraud, collusion or wilful mis-statements.
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Customs Exchange Rates |
Currency |
Import |
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As on 13 Aug, 2022 |
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