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CBIC issues draft rules for Customs valuation.
Oct 07, 2022

The Central Board of Indirect Taxes and Customs (CBIC) has released the draft rules pertaining to the Customs Valuation of imported goods, which will effectively implement the amendment proposed in Section 14 of the Customs Act which deals with valuation of imported goods.
 
The budget had proposed to amend section 14 of the customs act by imposing additional obligations on the importer in respect of a certain class of imported goods, where the board believes that importers are evading duty by not declaring the true value, causing loss to the exchequer.
 
The specified goods will be the list of items, selected by the Board where it has reason to believe that the value of such goods may not be declared truthfully or accurately. According to the draft the list of such goods will be prepared and recommended by a screening committee and evaluation committee.
 
The list may include or remove an item vide a notification and the screening committee will keep on reviewing the list every six months.
 
 
'the assessment of goods shall be subjected to specified checks so as to enable and assist the importer to demonstrate the truthfulness and accuracy of the declared value,' the draft says.
 
Also, where the importer has not already fulfilled the specified additional obligations on the Customs Automated System, the proper officer would provide a time of 10 days for compliance.
 
'These draft rules are likely to provide a measure for addressing the issue of undervaluation in imported goods in specified cases,' Saurabh Agarwal, Tax Partner, EY said.
 
The board has invited feedback on the draft by October 14.
 
He added that selection of ‘identified goods’, which will be based on certain examination and reference material.
 
'With such regulations, the Government has to walk the thin line between ensuring compliance and maintaining ease of doing business,' Abhishek Jain, Partner Indirect Tax, KPMG in India, says.
    
economictimes.com

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