CBIC waives interest on Custom duty in respect of goods: Read to know further

The Central Board of Indirect Taxes and Custom(CBIC) has issued Order regarding waiving off interest on Custom duty payable in respect of goods where payment is to be made from ECL from 01.04.23 to 10.04.23, in order to alleviate burden of EXIM Trade, owing to pending resolution of duty payment issues on customs portal.

The Order Stated, “In exercise of the powers conferred by the third proviso below subsection (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) Order, 2023.

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 duty is to be made from the amount available in electronic cash ledger.

The waiver would be applied on the Common Portal. 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 provisions of Section 27 of the said Act.

For Official Order Download PDF Given Below: