Amendment of section 47.
100. In the Customs Act, in section 47, in sub-section (2), for the portion beginning with the words
“Where the importer fails to pay” and ending with the words “in the Official Gazette”, the following shall be substituted, namely:-
“The importer shall pay the import duty-
(a) on the date of presentation of the bill of entry in the case of self-assessment; or
(b) within one day (excluding holidays) from the date on which the bill of entry is returned to him by the proper officer for payment of duty in the case of assessment, reassessment or provisional assessment; or
(c) in the case of deferred payment under the proviso to sub-section (1), from such due date as may be specified by rules made in this behalf, and if he fails to pay the duty within the time so specified, he shall pay interest on the duty not paid or short-paid till the date of its payment, at such rate, not less than ten per cent. but not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.”.
Notes on Clauses:
Clause 100 of the Bill seeks to amend section 47 of the Customs Act so as to provide the manner of payment of interest in the case of self-assessed bills of entry or, as the case may be, assessed, reassessed or provisionally assessed bills of entry.
