{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"101","heading":"Amendment of section 47","text":"Amendment of section 47 101. In the Customs Act, in section 47, in sub-section (2), for the portion beginning with the words \"Where the importer fails to pay\" and ending with the words \"in the Official Gazette\", the following shall be substituted, namely:— \"The importer shall pay the import duty— (a) | on the date of presentation of the bill of entry in the case of self- assessment; or (b) | within one day (excluding holidays) from the date on which the bill of entry is returned to him by the proper officer for payment of duty in the case of assessment, reassessment or provisional assessment; or (c) | 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, and if he fails to pay the duty within the time so specified, he shall pay interest on the duty not paid or short-paid till the date of its payment, at such rate, not less than ten per cent. but 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>101.</b> In the Customs Act, in section 47, in sub-section (<i>2</i>), for the portion beginning with the words \"Where the importer fails to pay\" and ending with the words \"in the Official Gazette\", the following shall be substituted, namely:—</p><p>\"The importer shall pay the import duty—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>on the date of presentation of the bill of entry in the case of self- assessment; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>within one day (excluding holidays) from the date on which the bill of entry is returned to him by the proper officer for payment of duty in the case of assessment, reassessment or provisional assessment; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in the case of deferred payment under the proviso to sub-section (<i>1</i>), from such due date as may be specified by rules made in this behalf,</td></tr></table></div><p>and if he fails to pay the duty within the time so specified, he shall pay interest on the duty not paid or short-paid till the date of its payment, at such rate, not less than ten per cent. but not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.\".</p>","words":196,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/101/","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."}