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Section121
The Finance Act, 2016

Amendment of section 47

In force As on 07 Oct 2026

Ministry Finance Enacted 27 Jun 2016

Section 121 of the Finance Act, 2016 deals with amendment of section 47. 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 The Act was enacted on 27 Jun 2016.

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.".
Section 121, The Finance Act, 2016.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 47 Amendment of section 92CA

Questions about Section 121

What does Section 121 of the Finance Act deal with?

Section 121 of the Finance Act is headed "Amendment of section 47". 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

How do I find court cases under Section 121 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2016 121, section 121 Finance Act 2016, section 121 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 121 of the Finance Act, and has it changed?

Its own text turns on section 47 (Amendment of section 92CA), so none of them can safely be read on its own.

When was Section 121 of the Finance Act enacted?

Section 121 of the Finance Act, cited as Finance Act 2016 121, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.