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of <h1>Finance Ministry Implements Self-Assessment for Customs Duties; Changes to Customs Act Sections 17, 46, 50 Explained.</h1> The circular from the Ministry of Finance outlines the implementation of 'Self-Assessment' for Customs duties on imported and exported goods, as introduced in the Finance Bill, 2011. Importers and exporters are now responsible for assessing their duties by filing Bills of Entry or Shipping Bills electronically, with Customs officers retaining the authority to verify and reassess if necessary. The circular details changes to Sections 17, 46, and 50 of the Customs Act, 1962, and introduces new regulations for electronic declarations. Provisional assessments can be requested if self-assessment is not feasible. The changes aim to streamline processes while ensuring compliance and risk management.
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