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of <h1>Customs Act Update: Interest on Duty Starts from Bill of Entry Finalization Date Post Vessel Entry.</h1> The Central Board of Excise & Customs has clarified the date for calculating interest under section 47 of the Customs Act, 1962. Interest is payable if the duty on goods, for which a Bill of Entry has been assessed and returned, is not paid within seven days. Previously, interest liability could arise before goods landed due to vessel delays. To address this, the Board decided that the date for calculating the seven-day interest period should be the date when the Bill of Entry is finalized after the vessel's entry inward is granted. This decision should be communicated to all relevant parties.
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