Indian Customs Regulations - Customs Provisional Duty Assessment Regulations 1963. CUSTOMS (PROVISIONAL DUTY ASSESSMENT) REGULATIONS, 1963 Notification No. 181-Cus., dated 13th July, 1963. In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), read with section 18 of the said Act, the Central Board of Revenue makes the following regulations, namely: Short title. — These regulations may be called the Customs (Provisional Duty Assessment) Regulations, 1963. Conditions for allowing provisional assessment. — Where the proper officer on account of any of the grounds specified in sub-section (1) of section 18 of the Customs Act, 1962 (52 of 1962), is not able to make a final assessment of the duty on the imported goods or the export goods, as the case may be, he shall make an estimate of the duty that is most likely to be levied hereinafter referred to as the provisional duty. If the importer or the exporter, as the case may be, executes a bond in an amount equal to the difference between the duty that may be finally assessed and the provisional duty and deposits with the proper officer such sum not exceeding twenty per cent of the provisional duty, as the proper officer may direct, the proper officer may assess the duty on the goods provisionally at an amount equal to the provisional duty. Terms of the bond. — Where provisional assessment is allowed pending the production of any document or furnishing of any information by the importer or the exporter, as the case may be, the terms of the bond shall be that such document shall be produced or such information shall be furnished within one month or within such extended period as the proper officer may allow, and the person executing the bond shall pay the deficiency, if any, between the duty finally assessed and the duty provisionally assessed. Where provisional assessment is allowed pending the completion of any test or enquiry, the terms of the bond shall be that the person executing the bond shall pay the deficiency, if any, between the duty finally assessed and the duty provisionally assessed. Surety or security of the bond. — The proper officer may require that the bond to be executed under these regulations may be with such surety or security, or both, as he deems fit.
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 16-12-2019 Japan December factory activity shrinks for eighth month, output slump worsens: Flash PMI Date: 16-12-2019 Brands are all in on 'attention economy' spends Date: 16-12-2019 Many doubted Bangladesh future, it is now ahead of Pak on social, economic indices: Minister Date: 16-12-2019 Govt mulls new duty on imports Date: 16-12-2019 China suspends planned tariffs on US goods Date: 14-12-2019 Finance ministry unveils detailed presentation on steps taken to boost economy Date: 14-12-2019 RBI Central Board discusses functioning of co-operative banks Date: 14-12-2019 India's services exports grew by over 5% to USD 17.70 billion in October: RBI data Date: 14-12-2019 Govt further extends relaxed fumigation norms on imported onions till January Date: 14-12-2019 Forex reserves soar $2.3 bn to touch all-time high of $453 bn What is New? Date: 13-12-2019 Notification No. 68/2019 – Central Tax Seeks to carry out changes in the CGST Rules, 2017. Date: 13-12-2019 Notification No. 69/2019 – Central Tax Seeks to notify the common portal for the purpose of e-invoice. Date: 13-12-2019 Notification No. 70/2019 – Central Tax Seeks to notify the class of registered person required to issue e-invoice. Date: 13-12-2019 Notification No. 71/2019 – Central Tax Seeks to give effect to the provisions of rule 46 of the CGST Rules, 2017. Date: 13-12-2019 Notification No. 72/2019 – Central Tax Seeks to notify the class of registered person required to issue invoice having QR Code. Date: 13-12-2019 Notification No. 90/2019-CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg. Date: 12-12-2019 TRADE NOTICE No. 41/2019-20 Online filling and Issuance of Preferential Certificate of Origin under SAFTA and SAPTA for India's Exports to Nepal w.e.f. 18th December 2019 Date: 12-12-2019 Notification No. 35/2015-2020 Amendment in Para 2.25 of Foreign Trade Policy, 2015-20. Date: 12-12-2019 Notification No. 63/2019 – Central Tax Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the months of July, 2019 to September, 2019 Date: 12-12-2019 Notification No. 64/2019 – Central Tax Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the month of October, 2019.
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