sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Mergers and Acquisitions »
 Deals of the day-Mergers and acquisitions June 21, 2018
 Department of Telecommunications set to approve Idea-Vodafone merger – all you need to know
 Deals Of The Day-Mergers And Acquisitions June 18, 2018
 Deals Of The Day-Mergers And Acquisitions June 12, 2018
 Competition Commission of India may suggest structural changes in Walmart-Flipkart deal
 What you need to know about the Government’s new M&A rules for SMEs
 The Secret to a successful M&A valuation
 How Indian IT companies are trying to survive as outsourcing business declines
 How Indian IT companies are trying to survive as outsourcing business declines
 Times Group MD against further acquisition in telecom sector; fears it will limit consumer choice
 Deals Of The Day-Mergers And Acquisitions June 5, 2018

Government cuts Penalty for Customs Duty Fraud by 10 percent
June, 24th 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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions