Govt evaluates proposal to relax import duty payment timelines
by Nidhi Bhati
The government is reviewing easing of payment timelines of import duties, a government official told Economic Times. At present, duties for goods imported in the first half of a month need to be paid on the 17th of that month while the date for paying duties for imports in the second half is the 3rd day of next month. A delay in payment of the duties leads to higher interest, penalties and possibility of cancellation of the authorised economic operator (AEO) status certification. Many importers defaulted on payments due to the impact of the Covid-19 pandemic and have sought a simplified structure for payment timelines. They have urged the government to permit deferment of duty payments by a week for the first 15 days of the month.
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