Deferred Payment of Import duty rules to AEOs
The Dollar Business Bureau
The Central Govt via notification nos., 134 & 135/ 2016 of Customs dated 2nd Nov 2016 has allowed Deferred Payment of Import duty rules to importers certified under Authorized Economic Operator programme (Tier-Two) & (Tier-Three). These rules would come into force from 16th Nov 2016.
As per the new rules the 'eligible importer' ie., the AEO's as specified above shall be eligible to avail the benefit of deferred payment of import duties. They can pay duty on the dates given below:
a. for goods corresponding to Bill of Entry returned for payment from 1st day to 15th day of any month, the duty shall be paid by the 17th day of that month;
(b) for goods corresponding to Bill of Entry returned for payment from 16th day till the last day of any month other than March the duty shall be paid by the 2nd day of the following month;
(c) for goods corresponding to Bill of Entry returned for payment from 16th day till the 29th day of March, the duty shall be paid by the 31st March;
(d) for goods corresponding to Bill of Entry returned for payment from 30th day of March to 31st day of March, the duty shall be paid by the 2nd April.
The notification also specifies that the importer can pay the duty electronically unless permitted by the Deputy Commissioner of Customs to do so by any mode of payment other than electronic payment.
An eligible importer who fails to pay duty in full by due date more than once in a period of three consecutive months shall not be permitted to make deferred payment.
to success.