TaxTMI 
TaxTMI 
Customs (Waiver of Interest) Order, 2023
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....b-section (2) of section 47 of the Customs Act, 1962 (52 of 1962) (hereafter in this Order referred to as the said Act) provides - "(2) The importer shall pay the import duty - (a) on the date of presentation of the bill of entry in the case of self-assessment; or (b) within one day (excluding holidays) from the date on which the bill of entry is returned to him by the proper officer for pay....
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....E) dated the 13th May, 2002, fixed the rate of interest at fifteen per cent per annum for the purposes of the section 47; AND WHEREAS, the third proviso below sub-section (2) of section 47 of the said Act is "PROVIDED ALSO that if the Board is satisfied that it is necessary in the public interest so to do, it may, by order for reasons to be recorded, waive the whole or part of any interest paya....
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....yment process initiated by them because of unanticipated technical difficulties on the Common Portal and with the authorized banks, from 01.04.2023 onward, as a result whereof, the interest is arising. AND WHEREAS, the said technical difficulties, arising notwithstanding prior testing, are being resolved by the Directorate General of Systems, as they are encountered, and the new framework is bein....
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....ollowing Order, namely:- 1. Short title. -- This Order may be called the Customs (Waiver of Interest) Order, 2023. 2. The Central Board of Indirect Taxes and Customs, hereby waives the whole of interest payable under sub-section (2) of section 47 of the said Act, for the period from 1st April, 2023 upto and including the 10th April, 2023, in respect of such goods, where the payment of import dut....