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After Amedment of Section 28 of Customs Act, 1962, penalty amount for wilfully short payment of duty is reduced from 25% to 10 %.
It is Provided that in cases involving fraud or collusion or wilful mis-statement or suppression of facts or contravention of any provision of the Act or rules with the intent to evade payment of duty, the amount of penalty payable shall be 15% instead of the present 25%.