Interest Provisions

This query is : Resolved

Guest

Guest (Querist)

12 March 2009 In Warehousing in customs there are three types of assesses and they have different Warehousing periods as given below

100% EOU Capital goods 5yrs
100% EOU Finished goods 3yrs
Other Importers 1 year

In Interest provisions U/s 61(2) it is written that for 100 % EOU calculation rate of interest on delayed payment starts after 5years/ 3yrs till the date of actual payment of duty.

It is also given that for Other Importers Interest is chargeable after the expiry of 90 days. Hence MY QUESTION: Is the Interest payable in first 90 days? or after the Expiry of 1 year and then after 90 days thereof Interest will be payable.

Rajesh Kumar

Rajesh Kumar (Expert)
Follow

14 March 2009 Intrest is payable after 90 days. However, it will be calculated and paid at the time of filing of green bill of entry or request for extension of bonding period.