 "imports, exports, trade, foreign trade")
The CBIC on Wednesday came out with a mechanism to check the undervaluation of imported goods under which two committees comprising tax officers will be set up for screening and evaluation.
The CBIC has notified the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, which will come into effect from February 11.
The Central Board of Indirect Taxes and Customs (CBIC) will come out with a list of 'identified goods', which will be subject to stricter scrutiny for their true value.
As per the rules, two committees will be constituted -- a screening committee for a preliminary examination of 'identified goods' and an evaluation committee for a detailed examination.
Importer of the identified goods will be required to declare the value of goods using the Unique Quantity Code.
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Under the Customs Automated System, the importer of identified goods will also be required to fulfil the specified additional obligations, and also the assessment of goods will be subjected to additional checks.
In the case of violation, further proceedings would be initiated under the Customs Valuation Rules 2007.
KPMG in India Partner Indirect Tax Abhishek Jain said as the next step, the list of identified classes of goods will have to be rolled out after due review by the Screening and Evaluation Committee, whereby the importers will have to make additional declarations.
"Exclusion of categories where no commercial quantities are involved, project imports, etc will help prevent unnecessary hassles to genuine importers," Jain added.
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