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of <h1>Finance Bill 2018 amends Customs Act, redefining 'assessment' to include various factors, updating terminologies, and adding 'notification' definition.</h1> Clause 56 of the Finance Bill, 2018, proposes amendments to section 2 of the Customs Act. It redefines 'assessment' to encompass the determination of dutiability and payable amounts based on factors like tariff classification, value, exemptions, quantity, and origin of goods. The amendment includes provisional, self, and re-assessment, even when duty is nil. It updates terminologies, replacing 'Central Board of Excise and Customs' with 'Central Board of Indirect Taxes and Customs,' and changes references from 'contiguous zone' to 'Exclusive Economic Zone.' Additionally, it introduces the definition of 'notification' as publications in the Official Gazette.
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