The Central Board of Indirect Taxes and Customs (CBIC) has notified the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023.
As per the rules notified on Wednesday, for the purposes of clause (iv) of the second proviso to subsection (1) of section 14 of the Act, where in respect of any class of imported goods or a subset thereof, the Board, having regard to the trend of the declared value of such goods or any other relevant criteria, has reason to believe that such goods may not be declared at their truthful or accurate value but below it, the Board may, by an Order, specify such goods as identified goods in accordance with rule 10.
The Screening Committee shall make a preliminary examination of the written reference forwarded by the Board under sub-rule (3) of rule 6, in order to decide whether it, or part thereof, is a case to be taken up for detailed examination.
For the purposes of preliminary examination, the contents and accompanying information with the written reference shall be scrutinized and material aspects taken into account along with the relevant trends of declared values or any other relevant criteria.
The preliminary examination and recording of preliminary findings, of the Screening Committee shall be signed by each member of the Screening Committee and shall be completed preferably within fifteen days, but no later than twenty-one days from the date of forwarding of written reference by the Board.
Where on the basis of preliminary findings, the written reference has been found suitable for detailed examination, the reference, or part thereof, as the case may be, shall be deemed to have been taken up for detailed examination on the date the preliminary findings were recorded.
Where on the basis of preliminary findings recorded by the Screening Committee the written reference is not found suitable for detailed examination, the Screening Committee shall record the reasons thereof and close the said reference.
The Screening Committee shall, on the expiry of half of the validity period of the Order issued under rule 5, initiate a mid-term review to assess whether the identified goods may be de-specified either before the expiry of the validity period or not, or the validity period needs to be extended. Apart from the mid-term review under sub-rule (1), the Screening Committee may conduct a review before mid-term, or as and when needed. Based on the review conducted, the Screening Committee shall make a reasoned report with recommendations to the Board to withdraw or extend the Order issued under rule 5 related to the identified goods or to alter or delete any of the parameters specified by the Board while specifying the identified goods in accordance with rule 5. The said report shall be made to the Board at least thirty days prior to the expiry of validity period of the Order.
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