#Budget2015 Basic Custom duty on motor vehicle for transport of goods is now 40%.

1. Custom Tariff  Heading  8704 ,that for  motor vehicles for the transport of goods, is being increased from 10% to 40%. 
   

#Budget2015 Basic custom duty increased on motor vehicle for transport of ten or more person

1. The tariff rate of basic customs duty on goods falling under all the tariff items of heading 8702 that is motor vehicles for the transport of ten or more persons, including  is being increased from 10% to 40%. 
   

#Budget2015 Re-adjudication cases will not come under purview of Settlement Commission

3. The proviso to clause (b) of section 127A relating to the provisions of Settlement Commission is being amended to 
   
                                         delete the reference to “in appeal or revision, as the case may be” so as to provide that when any proceeding is referred back, whether in appeal or revision or otherwise, by any court, Appellate Tribunal Authority or any other authority to the adjudicating authority for a fresh adjudication or decision, then such case shall not be entitled for settlement. 
   

#Budget2015 penalty on improper export is also quantified ,subjected to payment of duty &interest

3. Section 114 provides for penalty for attempt to export goods improperly, etc. 
   
   Section 114 is being amended so as to substitute clause (ii) to provide that any person who, in relation to any dutiable goods, other than prohibited goods, does or omits to do any act which act or omission would render such goods liable to confiscation under section 113, or abets the doing or omission of such an act, shall, subject to the provisions of section 114A, be liable to a penalty not exceeding 10% of the duty sought to be evaded of Rs.5000, whichever is greater. 
   
   
   It is also being provided that in cases of short levy or non- levy or short payment or non-payment and erroneous refund of duty for reasons of collusion or any willful mis-statement or suppression of facts, if the duty as determined under sub-section (8) of section 28 and the interest payable thereon under section 28AA is paid within 30 days from the date of communication of the order of the proper officer determining such duty, the amount of penalty liable to paid by such person under this section shall be 25% of the penalty so determined. 
   

# Budget2015 penalty under section 112 is also reduced for improper importation of dutiable goods

1. Section 112 provides for penalty for improper importation of goods, etc. 
   
   Section 112 is being amended so as to substitute sub-clause (ii) of clause (b) to provide that any person who acquires possession of or is in any way concerned with or in any other manner deals with any dutiable goods, other than prohibited goods, which he knows or has reasons to believe are liable to confiscation under section 111, shall, subject to the provisions of section 114A, be liable to a penalty not exceeding 10% of the duty sought to be evaded or Rs.5000, whichever is greater.
   
   
   Penalty for erroneous refund of duty is  25% of such duty ,provided that demanded duty & interest paid within 30 days.
   
   
    It is also being provided that in cases of short levy or non-levy or short payment or non-payment and erroneous refund of duty for reasons of  collusion or any willful mis-statement or suppression of facts, if the duty as determined under sub-section (8) of section 28 and the interest payable thereon under section 28AA is paid within 30 days from the date of communication of the order of the proper officer determining such duty, the amount of penalty liable to paid by such person under this section shall be 25% of the penalty so determined.
   
    
   

#Budget2015 Intenational short payment of duty will also attract 10% less penalty

0. 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%. 
   

#Budge2015- No penalty for short payment of duty if paid within 30 days.

1. This is landmark amendment , bonafide short payment of duty  will not attract fine .
   
   By  Inserting a proviso in sub-section (2)of Section 28 of Customs Act thereof to provide that in cases not 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, no penalty shall be imposed if the amount of duty along with interest leviable under section 28AA or the amount of interest, as the case may be, as specified in the notice, is paid in full within 30 days from the date of receipt of the notice and the proceedings in respect of such person or other persons to whom the notice is served shall be deemed to be concluded;