{"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":"122","heading":"Amendment of section 51","text":"Amendment of section 51 122 . In the Customs Act, section 51 shall be renumbered as sub-section (1) thereof,— (a) | in sub-section (1) as so renumbered, the following proviso shall be inserted, namely:— \"Provided that the Central Government may, by notification in the Official Gazette, permit certain class of exporters to make deferred payment of said duty or any charges in such manner as may be provided by rules.\"; (b) | after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:— \"(2) Where the exporter fails to pay the export duty, either in full or in part, under the proviso to sub-section (1) by such due date as may be specified by rules, he shall pay interest on said duty not paid or short-paid till the date of its payment at such rate, not below five 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 51 </b></p><p><b>122 </b>. In the Customs Act, section 51 shall be renumbered as sub-section (1) thereof,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (1) as so renumbered, 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 exporters 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>after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(2) Where the exporter fails to pay the export duty, either in full or in part, under the proviso to sub-section (1) by such due date as may be specified by rules, he shall pay interest on said duty not paid or short-paid till the date of its payment at such rate, not below five 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":164,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/122/","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."}