The Central Board of Indirect Taxes and Customs (CBIC) on January 11, 2023, published the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023. This shall come into force on February 11, 2023. It lays down the Procedure in respect of identified goods, the Specification of identified goods, and the Sources for examining cases for identified goods.
These rules shall not be applied to the following namely: –
- 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 that attract import duty on a specific rate basis
- Imports made in terms of authorization or license issued under the duty exemption scheme of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) in which the inputs imported prior to export are physically contained in the export product.
- Imports where buyer and seller are related and an investigation on the relationship has already been contemplated or finalized.
- Project imports
- Imports by Government, Public Sector Undertakings
- Imports made in non-commercial quantities
- Goods imported for the purpose of re-export
- Imports specified by the Board.