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Taxation Central Ministry of Finance Customs Act, 1962

CBIC issued the Deferred Payment of Import Duty (Amendment) Rules, 2023

03-Aug-2023 | Notification No. 58/2023-Customs (N.T.)

CBIC has issued the Deferred Payment of Import Duty (Amendment) Rules, 2023 by amending the provisions of the Deferred Payment of Import Duty Rules, 2016 effective from 3rd August 2023. The Highlights of the Amendment are 1. Insertion of the proviso in Rule 4 (Payment of Duty) stating that the eligible importer shall pay the duty by the dates specified inclusive of the period (excluding holidays) as mentioned in Section 47(2) of the Act. Provided that, where the Central Government considers it necessary and expedient, it may, under exceptional circumstances, and for reasons to be recorded in writing, allow payment to be made on a different due date. 2. Insertion of the proviso in Rule 6 (Deferred payment not to apply in certain cases) stating that an eligible importer who fails to pay duty in full by the due date more than once in a period of three consecutive months shall not be permitted to make deferred payment. Provided further that the eligible importer shall be permitted to make the deferred payment if he has- (i) paid the duty for a bill of entry within the due date in terms of Rule 4; and (ii) paid the differential duty for the same bill of entry along with the interest on account of reassessment within one day (excluding holidays).

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