Custom
TRT-2025-
Date:-11-01-23
In:-
Issue Favourable to Tax Payer ?:-
Notification No.03/2023- Customs (N.T.) dated 11 January 2023
Key Pointers –
- Assistance in Value Declaration of Identified Imported Goods Rules, 2023 shall come into force on 11th day of February, 2023.
- There shall be a Screening Committee and an Evaluation Committee, they shall hold its meetings regularly and as and when necessary for efficient conduct and timely discharge of its functions under these rules.
- In respect of any class of imported goods or a subset thereof, the Board, having regard to the trend of the declared value of such goods or any other relevant criteria, has reason to believe that such goods may not be declared at their truthful or accurate value but below it, the Board may, by an Order, specify such goods as identified goods in accordance with rule 10.
- The Screening Committee shall make a preliminary examination they shall examine the contents and accompanying information with the written reference shall be scrutinized and material aspects taken into account along with the relevant trends of declared values.
- The written reference or part thereof, found suitable for detailed examination shall be comprehensively examined by the Evaluation Committee to assess the likelihood, based on the preponderance of probabilities.
- The Screening Committee shall confirm that the report of the Evaluation Committee and shall recommend to the Board. The Board shall consider the recommendation made by the Screening Committee under sub-rule (4) of rule 9, and if satisfied that the recommended report should be accepted, it may issue Order under rule 5.
- The Screening Committee shall, on the expiry of half of the validity period of the Order issued under rule 5, initiate a mid-term review to assess whether the identified goods may be de-specified either before the expiry of the validity period or not, or the validity period needs to be extended.
- These rules shall not be applied to imports not involving duty; goods for which tariff value has been fixed by the Board in terms of sub-section (2) of section 14 of the Act; goods which attract import duty on specific rate basis; Project imports; imports by Government, Public Sector Undertakings; imports made in non-commercial quantities; goods imported for the purpose of re-export; or imports specified by the Board etc.
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