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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Customs Act Section 47 Amended: Importers Can Defer Duty Payment, Interest Imposed for Late Payment</h1> In the Customs Act, section 47 has been amended to allow the Central Government to permit certain importers to defer payment of import duties through official notification. Sub-section (1) introduces this provision, while sub-section (2) specifies that if an importer fails to pay the duty within two days (excluding holidays) after the bill of entry is returned, or by the due date for deferred payments, they must pay interest on the unpaid amount. The interest rate is set between ten and thirty-six percent per annum, as determined by the Central Government through notification.
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