Jan 12, 2023
CBIC to release list of identified goods to check undervaluation of imports
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.