{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"121","heading":"Amendment of section 47","text":"Amendment of section 47 121 . In the Customs Act, in section 47,— (a) | in sub-section (1), the following proviso shall be inserted, namely:— \"Provided that the Central Government may, by notification in the Official Gazette, permit certain class of importers to make deferred payment of said duty or any charges in such manner as may be provided by rules.\"; (b) | in sub-section (2), for the portion beginning with the words \"Where the importer\" and ending with the words \"payment of the said duty\", the following shall be substituted, namely:— \"Where the importer fails to pay the import duty, either in full or in part, within two days (excluding holidays)— (a) | from the date on which the bill of entry is returned to him for payment of duty; or (b) | in the case of deferred payment under the proviso to sub-section (1), from such due date as may be specified by rules made in this behalf, he shall pay interest on the duty not paid or short-paid till the date of its payment, at such rate, not below ten per cent. and not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.\".","html":"<p><b>Amendment of section 47 </b></p><p><b>121 </b>. In the Customs Act, in section 47,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (1), the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided </b>that the Central Government may, by notification in the Official Gazette, permit certain class of importers to make deferred payment of said duty or any charges in such manner as may be provided by rules.\";</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (2), for the portion beginning with the words \"Where the importer\" and ending with the words \"payment of the said duty\", the following shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"Where the importer fails to pay the import duty, either in full or in part, within two days (excluding holidays)—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>from the date on which the bill of entry is returned to him for payment of duty; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in the case of deferred payment under the proviso to sub-section (1), from such due date as may be specified by rules made in this behalf,</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>he shall pay interest on the duty not paid or short-paid till the date of its payment, at such rate, not below ten per cent. and not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.\".</td></tr></table></div>","words":207,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/121/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}