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of <h1>Finance Bill 2016 amends Customs Act Section 47, allowing deferred duty payments and imposes interest for late payments.</h1> Clause 118 of the Finance Bill, 2016, amends section 47 of the Customs Act. It introduces a proviso in sub-section (1) allowing the Central Government to permit certain importers to defer duty payments, as notified in the Official Gazette. Sub-section (2) is revised to stipulate that if an importer fails to pay the import duty within two days (excluding holidays) from the specified date, they must pay interest on the unpaid amount. The interest rate, set by the Central Government, ranges from ten to thirty-six percent per annum.
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