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of <h1>Finance Act 2018: Section 58 Redefines 'Assessment' and Updates Customs Act Terminology and Definitions</h1> Section 58 of the Finance Act, 2018 amends section 2 of the Customs Act. The amendment redefines 'assessment' to include the determination of goods' dutiability and related duties or taxes under the Customs Act and Customs Tariff Act, considering factors like tariff classification, value, exemptions, quantity, and origin. It also updates terminology, 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 a definition for 'notification' as a publication in the Official Gazette.
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