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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2011 Introduces Self-Assessment for Customs Duties; Officers Can Verify and Re-Assess Under New Section 17.</h1> Clause 37 of the Finance Bill, 2011 proposes a new section 17 for the Customs Act, introducing a 'self-assessment' scheme for duty on imported and exported goods. Importers and exporters must self-assess duties, but a proper officer can verify this assessment by examining goods and requesting relevant documents. If discrepancies are found, the officer may re-assess duties and issue a speaking order within fifteen days if the re-assessment differs from the self-assessment. If re-assessment or order issuance is delayed, the officer may audit the duty assessment. The new provision applies to goods entered before the Bill's enactment.
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