There have been several significant changes recently in Indian Customs laws, which have perhaps not received the attention they deserve. These changes include introduction of the concept of ‘self assessment' and post-import audit. Before these regulations came in, the primary onus of verifying correctness of classification, value, Customs duty and exemptions, etc, vested with Customs authorities, even though the importer/exporter were required to make all appropriate disclosures in the Customs documents, essentially Bill of Entry/Shipping Bill. With the introduction of ‘self assessment', businesses are expected to discharge their Customs duty liability, with no or minimal involvement of authorities at the port. Therefore, the onus in terms of correctly complying with the law substantially shifts to the businesses.
Source: The Hindu Business Line
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