53. Collection of tax from importers and exporters.-

53.  Collection  of  tax  from  importers.- ¹[and exporters.- ] 

²[(1)  The   ³[Commissioner  of Customs] shall make collection of tax payable by the importers on account of import of goods  ⁴[and the bank through which the exporters receive payment shall make collection of tax payable by the exporters on account of export of goods.].]

(2)  The  Board  shall,  for  the  purpose  of  collection  of  tax  under  sub-section (1),-

(a)  specify  the  importers  ⁵[and exporters ]  from  whom  collections  are  to  be made; and
(b) prescribe the method and rate of calculation of the amount to be collected and the manner of collection.

(3)  Any  amount  collected  under  sub-section  (1)  shall  be  deemed  to  be  an advance payment of tax by the importer  ⁶[or exporter]  concerned, and shall be given credit for, in the assessment of his tax.

..................................................................................................

¹ Omitted by F.A. 2012
² Subs. by F.A. 1992
³ Subs. for "Collector of Customs" by F.A. 2001
⁴ Omitted by F.A. 2012
⁵ Omitted by F.A. 2012
⁶ Omitted by F.A. 2012

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