The Central Board of Indirect Taxes and Customs (CBIC) has released the draft Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2022, and invited suggestions, views, comments, feedback etc. from the stakeholders. This follows the amendment to Section 14 of the Customs Act, 1962, through the Finance Act, 2022, that let the CBIC make rules specifying additional obligations of the importer in respect of a class of imported goods whose value, the CBIC has reasons to believe, is not being declared correctly.
The draft rules envisage detailed procedures for receiving representation regarding undervaluation of a class of imported goods,
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