CBIC Notifies Customs (Waiver of Interest) Third Order 2023:

CBIC Notifies Customs (Waiver of Interest) Third Order 2023 The Central Board of Indirect Taxes and Custom(CBIC) has notified Customs (Waiver of Interest) Third Order 2023 via issuing Notification. The Notification Stated, "In exercise of the powers conferred by the third proviso below sub-section (2) of section 47 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs, being satisfied that it is necessary in the public interest so to do, hereby makes the following Order." This Order may be called the Customs (Waiver of Interest) Third Order, 2023. The Central Board of Indirect Taxes and Customs, hereby waives the interest payable under sub-section (2) of section 47 of the said Act, for the period from 14th April, 2023 till the date of removal of such system inability and thereafter upto three days (including holidays), in respect of such goods relating to those Bills of Entry on which the duty payment for the specific Bill of Entry was initiate din terms of para 8.2 of Circular No. 09/2023-Customs dated 30.03.2023 on or before 13.04.2023, but this process was not successful due to technical issues in the common portal leading to rejection coupled with an inability to re-initiate that payment from the electronic cash ledger. The waiver contained in this Order shall be given effect if the following conditions are fulfilled: (a) the duty and interest has been paid within 3 days (including holidays) from the date of removal of such system inability at the Common Portal, which shall be certified by the DG Systems; (b)the importer undertakes at the port of import to not pass on the incidence of such interest paid; and (c) the provisions of section 27 of Customs Act 1962 shall govern the consequential refund of such interest paid. For Official Notification Download PDF Given Below: