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of <h1>Customs Act Amendment: New Timelines for Import Duty Payments, Interest Penalties for Delays in Section 47.</h1> In the Customs Act, section 47 has been amended to specify the timelines for importers to pay import duties. Importers must pay duties on the date of bill presentation 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 timelines results in interest charges on the unpaid or short-paid duty, with interest rates ranging from ten to thirty-six percent per annum, as determined by the Central Government through notification.
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