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of <h1>Interest on Delayed Duty Payment: Reassessed Duty Clarification u/s 47(2) of Customs Act 1962.</h1> The circular addresses the issue of interest levied on delayed payment of duty under Section 47(2) of the Customs Act, 1962. It clarifies that in cases where an importer's bill of entry is reassessed due to the late submission of an EPCG license, interest should be calculated on the reassessed duty amount. The interest is applicable from two days after the original assessment date until the date of duty payment. This clarification follows consultation with the Ministry of Law and Department of Legal Affairs.
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