It’s important news for the exporters as well as importers as the Government has relaxed the fines for the underpayment of import export duties in India. Importers as well as exporters, who fail to pay the import-export duties either full or half, must read about it before forgetting to pay the next import-export duty.
“Under the new regulation, the fine for underpayment above 450 percent is 1,000 percent,” said Customs and Excise Office spokesman Deni Surjantoro in Jakarta on Tuesday.
As per the latest regulation, there will be 10 fines, earlier there were only five. The first levels stated of fining up to 100% for up to 25% for underpayment, 200% for underpayment by 25-50%, 400% underpayment for 50-75% and 1000% for underpayment for 75-100%.
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