TaxTMI 
TaxTMI 
Levy of Interest under Section 47(2) of the Customs Act, 1962 for delayed payment of duty in respect of clearance of goods from a bonded warehouse - Reg.
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.... Interest under Section 47(2) of the Customs Act, 1962 for delayed payment of duty in respect of clearance of goods from a bonded warehouse - Reg. A reference is invited to Section 47 (2) of the Customs Act 1962, which provides that where the importer fails to pay the import duty within 5 working days from the date on which the Bill of Entry for home consumption is returned to him for payment of....
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....prescribed form. The provision regarding payment of interest for delayed payment of duty after the return of Bill of Entry is contained in Section 47 which reads as under: "(1) Where the proper officer is satisfied that any goods entered for home consumption are not prohibited goods and the importer has paid the import duty, if any, assessed thereon and any charges payable under this Act in respe....
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....ayment of duty after the return of Bill of Entry is attracted on import duty as assessed under Section 47 (1) on such goods. 4. In case of goods deposited in a warehouse and being cleared for home consumption, the entry for clearance (i.e. ex-bond Bill of Entry) is made under Section 68. As per Section 68 of the Act, the importer of any warehoused goods may clear them for home consumption, if (a....
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..... Such interest is payable on the amount of duty payable at the time of clearance of the goods from the expiry of the said warehousing period (including such extended period), till the date of payment of duty on the warehoused goods. Thus, when a provision has been made for warehousing of imported goods, without payment of interest for a specified period, it is not the intention to charge interest....