India cut penalty on customs duty cases by 10%

NEW DELHI: The penalty in cases of customs duty fraud has been reduced by 10 per cent by the finance ministry.

Section 28 of the Customs Act, 1962, has been amended and now 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, shall be fifteen per cent instead of 25 per cent.

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Also, there will be a penalty not exceeding ten per cent of the duty sought to be evaded or Rs 5,000, whichever is higher, for improper export and import of goods.

Sections 112 and 114 of the Customs Act which, respectively provide for penalty for improper import and export of goods, have been amended by insertion of new clauses to provide for a penalty of up to 10 per cent of the duty sought to be evaded or Rs 5,000, whichever is higher, according to Finance Act, 2015.