Duty payment deadlines tightened; late payments attract higher of percentage interest or fixed daily charge, and statutory recovery follows. Amendments prescribe duty payment deadlines for monthly clearances with distinct due dates for ordinary and value-exemption assessees, deem payment complete only when credited to the Government account, and treat cheque payments as effective upon presentation and realization. Late payments incur interest equal to the higher of a percentage-based monthly rate or a fixed daily charge, capped at the unpaid duty; unpaid duty and interest render the goods treated as cleared without payment and trigger recovery under the Act. Matches duty may be paid by excise stamps at the assessee's option, and holders of unused stamps may utilise certified stamp value for duty or claim refund.
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Duty payment deadlines tightened; late payments attract higher of percentage interest or fixed daily charge, and statutory recovery follows.
Amendments prescribe duty payment deadlines for monthly clearances with distinct due dates for ordinary and value-exemption assessees, deem payment complete only when credited to the Government account, and treat cheque payments as effective upon presentation and realization. Late payments incur interest equal to the higher of a percentage-based monthly rate or a fixed daily charge, capped at the unpaid duty; unpaid duty and interest render the goods treated as cleared without payment and trigger recovery under the Act. Matches duty may be paid by excise stamps at the assessee's option, and holders of unused stamps may utilise certified stamp value for duty or claim refund.
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