Clarification regarding legislative changes relating to Customs Act, 1962 proposed in the Finance Bill, 2017
Kind reference is invited to proposals in the Finance Bill, 2017 relating to amendments in sections 46 and 47 of the Customs Act, 1962. These changes would come into effect upon enactment of the said Finance Bill. Clarifications have been requested regarding applicability of the new provisions vis-a-vis arrival of goods and filing of bill of entry. Changes in Section 46 of the Customs Act:- The amendments in the section are aimed at prescribing a late charge for delayed filing of Bill of Entry (BoE). As per the amended Section 46 the importer shall present the bill of entry under sub-section (1) of section 46 before the end of the next day following the day (excluding holidays) on which the aircraft or vessel or vehicle carrying the goods arrives at a customs station at which such goods are to be cleared for home consumption or for warehousing. The free period for filing a BoE is up to the end of the next day following the day (excluding holidays) of arrival of goods...