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of <h1>Finance Bill 2025: Section 18A Allows Importers/Exporters to Revise Entries Post-Clearance with Self-Assessment and Refunds</h1> Clause 88 of the Finance Bill, 2025, introduces section 18A into the Customs Act, allowing importers or exporters to voluntarily revise entries post-clearance. This revision must adhere to prescribed conditions and timeframes. Upon revision, they must self-assess the duty. If the revision reveals unpaid or short-paid duties, these must be paid with interest. Overpaid duties can be claimed as a refund. Proper officers may verify and reassess entries based on risk evaluation. Revisions are prohibited if audits, searches, or specific assessments have commenced, or if the Board specifies otherwise.
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