Central Bureau of Indirect Taxes and Customs (CBIC) has notified the Customs (Waiver of Interest) Second Order, 2023. This order was notified on 11th April, 2023.
It may be recalled that by an order dated 6th April, 2023, CBIC had 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 applied for the period from 1st April, 2023 up to and including the 10th April, 2023. It applied in respect of goods, where the payment of import duty is to be made from the amount available in electronic cash ledger.
However, the CBIC has observed that errors are still occurring in the System sporadically thereby affecting the timely completion, by users, of sequential procedures. As a result, the interest also accumulates daily in the technical system.
Hence, to mitigate these hardships, the CBIC has waived the whole of interest payable under sub-section (2) of section 47 of the said Act, for the period from 11th April, 2023 up to and including the 13thApril, 2023. This waiver is applied in respect of goods, where the payment of import duty is to be made from the amount available in electronic cash ledger.
