On 19th August 2020, the Central Board of Indirect Taxes And Customs (CBIC) released a notification No.79/2020-Customs (N.T.) which notified the Deferred Payment of Import Duty (Amendment) Rules, 2020 that further amended the Deferred Payment of Import Duty Rules, 2016.
The Central Government exercised its powers bestowed by sub-section (1) of section 47 and section 156 of the Customs Act, 1962 and amended the rules, namely:-
- “In the Deferred Payment of Import Duty Rules,2016, Rule 4 shall be omitted.
- Rules 5 to 8 shall be re-numbered as Rules 4 to 7, respectively.”
According to the Deferred Payment of Import Duty Rules, 2016 the Rule 4 stated, “an eligible importer who intends to avail the benefit under sub-section (1) of section 47 of the Act shall intimate to the Principal Commissioner of Customs or the Commissioner of Customs, as the case may be, having jurisdiction over the port of clearance, his intention to avail the said benefit.
The Principal Commissioner of Customs or the Commissioner of Customs, as the case may be, shall, upon being satisfied with the eligibility of the importer to pay the duty under these rules, allow the eligible importer to pay the duty by due dates specified in rule 5.” Now, Rule 4 is to be omitted as per the new notification released.
This new notification was released in the Official Gazette of India and came into force on 19th August 2020.
With Warm Regards,