Amendment to Customs Tariff Act: New Valuation Rules for Imported Goods, Retail Price Declaration Mandate in Clause 61.

Clause 61 of the Bill proposes an amendment to the Customs Tariff Act, focusing on the valuation of imported articles in India. It stipulates that if a like article is produced in India, or if not, the class of the imported article must declare its retail sale price as per the Standards of Weights and Measures Act, 1976. The Central Government may specify an abatement on this price. Clause 62 aims to amend the First Schedule of the Customs Tariff Act, specifically altering tariff items in Chapters 24 and 27 as detailed in the Third Schedule.

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