CBIC releases Draft Rules on Customs Valuation of Imported Goods: Invites Suggestions
The Central Board of Indirect Taxes and Customs (CBIC) has released the draft rules pertaining to the Customs Valuation of imported goods in terms of recent amendment in Section 14 of the Customs Act, 1962 vide Section 89 of the Finance Act, 2022 and issued a notice calling for suggestions, views, comments, feedback etc. from stakeholders. Recently, the amendment made in Section 14 of...
The Central Board of Indirect Taxes and Customs (CBIC) has released the draft rules pertaining to the Customs Valuation of imported goods in terms of recent amendment in Section 14 of the Customs Act, 1962 vide Section 89 of the Finance Act, 2022 and issued a notice calling for suggestions, views, comments, feedback etc. from stakeholders.
Recently, the amendment made in Section 14 of the Customs Act, 1962 vide Section 89 of the Finance Act, 2022 reads as “(iv) the additional obligations of the importer in respect of any class of imported goods and the checks to be exercised, including the circumstances and manner of exercising thereof, as the Board may specify, where, the Board has reason to believe that the value of such goods may not be declared truthfully or accurately, having regard to the trend of declared value of such goods or any other relevant criteria.”
“The Draft Rules for making the above provision operational are enclosed (page 2- 10). It is requested to kindly provide suggestions, comments, inputs, feedback on the Draft Rules latest by 14th October 2022 at the email id diricd-cbec@nic.in with copy to uscus5-cbec@gov.in,” the CBIC said.
To Read the full text of the Order CLICK HERE
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