Amendment of Section 47 vide Finance Bill 2013 - Reg. - Customs - 22/2013

OFFICE OF THE COMMISSIONER OF CUSTOMS P.B.NO.5400, C R BUILDING, QUEEN'S ROAD, BANGALORE - 560 001 C.No. VIII/48/69/2012 Cus Tech. PUBLIC NOTICE NO. 22/2013 DATED 23.05.2013 Sub: Amendment of Section 47 vide Finance Bill 2013 - Reg. Attention of Trade, Industry, Importers and Customs House Agents (CHAs) is invited to the provisions of Section 62 of the Finance Act, 2013, which received assent of the Hon'ble President on 10-05-2013, by virtue whereof Section 47 of the Customs Act 1962 has been amended as under: In section 47 of the Customs Act, the sub-section (2), for the words five days , the words two days shall be substituted . 2. In view of the aforesaid amendment, where the importer fails to pay the import duty within two days excluding holidays from the date on which the Bill of entry is returned to him for payment of duty, he shall pay interest at the rate fixed by the Central Government. In other words, the interest on delayed payment of duty shall be payable after two days instead of five days (as per the unamended provisions of Section 47). Necessary changes to calculate interest after two days have also been made in the ICES application on 14-05-2013. (Sandeep Prakash) Commissioner