New Delhi, 16 September (IANS). Amending the custom duty regulations on provisional evaluation of imports and exports will help in revenue protection, trade facilitation and will settle the pending cases for a long time. This statement was made by industry experts on Tuesday.
The Central Indirect Taxes and Customs Board (CBIC) has issued customs (finalization of provisional evaluation) regulations, 2025, which aims to increase speed, certainty and transparency in customs administration. The new rules determine specific time frames to complete provisional evaluation.
Industry experts hope that this step will remove the troubles in trade and customs administration.
Manoj Mishra, a partner and tax controversy management leader of Grant Thorrton India, said, “Customs (finalizing the provisional evaluation) regulations, 2025 were waiting for a long time. This will increase certainty and efficiency in customs administration. By implementing a clear deadline, CBI has resolved a problem that has been a burden on both trade and officials for a long time.
He said that this will give businesses to stop working capital rapidly, lower compliance costs and would make it easier to make better forecast in supply chains.
He further said, “It would be important to finalize the right to finalize, as well as to protect the right to presentation of the taxpayer. If they are implemented with the desired spirit, these rules can establish a balance between revenue protection and trade ease, can settle cases pending for a long time and create better trust between industry and administration.”
The notification states that under the new rules, importers and exporters will have to provide necessary documents within 15 days of demand, the duration of which can be extended by two months. Customs officers will have to complete the inquiry within 14 months. The task of finalizing provisional evaluation, except for the appeal, adjournment order or international information requests, is to be completed within two years from the date of provisional evaluation.
The new structure allows voluntary fee payment in the provisional assessment phase, which will be adjusted against the prescribed fee at the time of finalization.
Interest and fine of up to Rs 25,000 can be imposed for non -compliance. Additionally, the notification has a detailed description of the procedures of corresponding, fee recovery and bond cancellation to streamline procedures.
-IANS
ABS/
