Industry & Economy
-
Excise and Customs
Penal provisions in Customs Act to be tightened
K.R. Srivats
New Delhi
,
July 23
IMPORTERS may no longer find it easy to avoid payment of penalties on any mis-declaration or any other offence relating to evasion of anti-dumping duty on the grounds that the Customs Tariff Act does not specifically provide for the levy of a penalty for such a duty.
Currently, anti-dumping duties are imposed under the provisions of the Customs Tariff Act.
The Finance Bill 2004 proposes to amend the Customs Tariff Act to specify that the penal provisions of the Customs Act would be applicable in the cases of anti-dumping duty as well. As on date, the provisions relating to penalties contained in Customs Act are not applicable in respect of anti-dumping duty.
"The Centre is rectifying the lacuna in the law as some of the importers were getting away without payment of penalty or interest on delayed payment of anti-dumping on the ground that there is no specific provision in Customs Tariff Act requiring them to pay interest or penalty relating to anti-dumping duty," informed sources said.
More Stories on :
Excise and Customs |
Economic Offences
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
