The Central Board of Indirect Taxes and Customs (CBIC) has waived the entire interest payable for the period between April 1 and April 10 on goods where the import duty payment is to be made from the amount available in the electronic cash ledger (ECL), according to an official order released on Thursday. The move comes amid system glitches related to ECL.
The waiver would be applied on the common portal.
Abhishek Jain, partner (tax) at KPMG, said, “Importers have been facing challenges for the last couple of days owing to system glitches linked to ECL. The government has proactively taken cognisance of the issue and announced addressal measures like waiver of demurrage and interest 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 said in the order.
It also said that in respect of bills of entry for which the 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 Customs Act, 1962.
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