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of <h1>Finance Bill 2017: Amendments to Customs Act Section 47 Define New Timelines for Import Duty Payments and Interest Rates.</h1> Clause 100 of the Finance Bill, 2017 amends section 47 of the Customs Act, detailing the timelines and conditions for import duty payments. Importers must pay duty on the bill of entry presentation date for self-assessment, within one day (excluding holidays) after the bill is returned by the officer for assessment, reassessment, or provisional assessment, or by a specified due date for deferred payments. Failure to pay within these periods incurs interest at a rate between 10% and 36% per annum, as determined by the Central Government and published in the Official Gazette.
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