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of <h1>Self-Assessment for Customs Duties Now Mandatory; Importers/Exporters Must File Electronically per Finance Act 2011. Compliance Emphasized.</h1> The circular outlines the implementation of self-assessment for customs duties on imported and exported goods, effective from the enactment of the Finance Act, 2011. Importers and exporters are now responsible for assessing duties by submitting electronic Bills of Entry or Shipping Bills. Customs officers retain the authority to verify and reassess these submissions if necessary. The circular emphasizes the importance of accurate declaration of goods' classification, duty rates, and exemptions. It also introduces provisions for provisional assessments and post-clearance audits. The changes aim to streamline processes while ensuring compliance, with electronic filing becoming mandatory except in specific cases where manual filing is permitted.
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