TMI BlogLevy of Interest under Section 47(2) of the Customs Act, 1962 for delayed payment of duty in respect of clearance of goods from a bonded warehouse - Reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the date on which the Bill of Entry for home consumption is returned to him for payment of duty, he shall pay interest on the amount of duty till the date of payment of the duty, at the rate fixed by the Central Government. A doubt has been raised whether such interest under Section 47 (2) is payable on goods deposited in a warehouse and for which a Bill of entry for home consumption is filed under Section 68 of the said Act, if the importer fails to pay the duty within 5 working days from the date on which such Bill of Entry filed under Section 68 is returned to him for payment of duty. 2. The matter has been examined by the Board. As per Section 46 of the Customs Act, 1962 , the importer of any goods, other than goods inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of goods deposited in a warehouse and being cleared for home consumption, the entry for clearance (i.e. ex-bond Bill of Entry) is made under Section 68. As per Section 68 of the Act, the importer of any warehoused goods may clear them for home consumption, if (a) a bill of entry for home consumption in respect of such goods has been presented in the prescribed form; (b) the import duty leviable on such goods and all penalties, rent, interest and other charges payable in respect of such goods have been paid; and (c) an order for clearance of such goods for home consumption has been made by the proper officer. 5. Section 68 is a self-contained provision dealing with the clearance of goods from a warehouse for home consumption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... days from the date on which such Bill of Entry is returned to him for payment of duty. However, interest on warehoused goods is payable when they remain in a warehouse beyond the period specified in sub-section (1) of Section 61 as per provisions of sub-section (2) of Section 61 . 8. Wide publicity to this Circular may be given by way of issuance of public notice and standing order. 9. Difficulties, if any, faced in the implementation of this circular, may be immediately brought to the notice of the Board. 10. Please acknowledge receipt. 11. Hindi version follows. Yours faithfully, (P. S. Pruthi) Commissioner (Customs EP) - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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