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of <h1>Finance Bill 2011: Customs Act Overhaul with Self-Assessment, Electronic Filing, and New Appeals Process</h1> The Finance Bill, 2011 proposes several amendments to the Customs Act. Key changes include redefining 'assessment' to incorporate 'self-assessment' and revising sections related to duty assessment, provisional assessment, and refund claims to align with the self-assessment scheme. Amendments also address electronic filing for import and export entries, empower the Central Government on customs duty drawbacks, and modify procedures for seized goods release. The Bill introduces new sections on appeal filing by the Commissioner of Customs and establishes the priority of customs duty liabilities. Additionally, it provides for retrospective exemptions on certain imported goods and updates reward schemes for export obligations.
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