CBIC Invites Feedback from Stakeholders on Draft Rules pertaining to Customs Valuation of Imported Goods as per Recent Amendment in Customs Act, 1962

· 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.

<Notice/04.10.2022>

Notice calling for suggestions, views, comments, feedback etc. from stakeholders on draft rules pertaining to 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

Attention is invited to the recent amendment made in Section 14 of the Customs Act, 1962 vide Section 89 of the Finance Act, 2022. The following text has been inserted below the second proviso in sub-section (1) of the said Section 14:

“(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.”

2. The explanatory memorandum with the Finance Bill, 2022 explains-

“Section 14 is being amended to include provisions for rules enabling the Board to specify the additional obligations of the importer in respect of a class of imported goods whose value is not being declared correctly, the criteria of selection of such goods, and the checks in respect of such goods. This amendment is a measure to address the issue of undervaluation in imports.”

3. 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.