Central Bureau of Indirect Taxes and Customs (CBIC) has notified the Customs (Waiver of Interest) Order, 2023. This order was notified on 6th April, 2023.
CBIC has waived the whole of interest payable on failure to pay import duty within the specified time in terms of sub-section (2) of section 47 of the Customs Act, 1962.
This waiver will apply for the period from 1st April, 2023 up to and including the 10th April, 2023. It will apply in respect of goods, where the payment of import duty is to be made from the amount available in electronic cash ledger.
In respect of Bills of Entry for which import duty payment has already occurred and integrated in ICES during the said period, a claim for refund of interest shall be subject to the said Act.
The waiver would be applied on the Common Portal.