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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Finance Ministry Directive: Classify Provisional Customs Duty Directly Under '0037-Customs' To Streamline Assessments.</h1> The circular from the Ministry of Finance, Central Board of Excise & Customs, addresses the classification of Customs duty collected during provisional assessments. Previously, these deposits were classified under '8443-Civil Deposits - Revenue Deposits' and transferred to '0037-Customs' upon final assessment. If not finalized within three years, they moved to '0075-Miscellaneous General Services' as unclaimed deposits. The new directive mandates that such deposits be directly classified under '0037-Customs' from the outset. Existing balances under '8443-Civil Deposits' should be reconciled with the Chief Accounts Officer and transferred accordingly. This decision has been approved by the Principal Chief Controller of Accounts, CBEC.
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