The acceptance of financial institution confirmations for fee of obligation would assist clearance of pressing imports and deal with business issues on delays. (Representative picture)
In respect of payments of entry for which the import obligation fee has already occurred and built-in in ICES, a declare for refund of curiosity can be allowed
The Central Board of Indirect Taxes and Customs (CBIC) has waived your entire curiosity payable for the interval between April 1 and April 10 on items the place the import obligation fee is to be constituted of the quantity obtainable within the digital money ledger (ECL), in keeping with an official order launched on Thursday. The transfer comes amid system glitches associated to ECL.
The waiver could be utilized on the widespread portal.
Abhishek Jain, associate (tax) at KPMG, mentioned, “Importers have been dealing with challenges for the final couple of days owing to system glitches linked to ECL. The authorities has proactively taken cognisance of the problem and introduced addressal measures like waiver of demurrage and curiosity on such delays.”
He also said the acceptance of bank confirmations for payment of duty would help clearance of urgent imports and address commercial concerns on delays.
“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 up to 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 finance ministry mentioned within the order.
It additionally mentioned that in respect of payments of entry for which the import obligation fee has already occurred and built-in in ICES in the course of the mentioned interval, a declare for refund of curiosity shall be topic to the provisions of Section 27 of the Customs Act, 1962.
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