Jan 12, 2023
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.