INTEREST

Section 28AA provides for payment of interest for customs duty paid voluntarily or on determination under the provisions of Section 28 of the Customs Act (Non-levy, short levy, non-payment, short payment or erroneous refund of duty/duties). Interest rate under this Section is 15% vide Notification 33/2016-Cus (NT) dated 1 March, 2016 effective from 1 April, 2016.