The CBIC has extended the interest waiver on customs duty payable by importers and exporters through the Electronic Cash Ledger (ECL) till April 13.
An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1.
After the members of the export-import trade complained of difficulties in making duty payments via ECL in the automated system, CBIC last week said that no interest would be charged on customs duty paid through ECL till April 10.
In a notification dated April 11, it said the interest on duty payable in respect of goods where payment is to be made from ECL will be exempt till April 13, 2023.
Through the Customs (Waiver of Interest) Second Order dated April 11, the CBIC waived the whole of interest payable for the period from April 11 to April 13, in respect of such goods, where the payment of import duty is to be made from the amount available in electronic cash ledger.
AMRG & Associates Senior Partner Rajat Mohan said technical glitches in the ECL payments for customs forced the government to extend the interest waiver till April 13.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
