Amendment to Value of goods Imported after goods cleared from Customs

[Vinay Kunte]

An Importer received the goods from a Foreign Client, followed all the procedure as per Customs Rules, Paid all the necessary Duties and fees wherever necessary, goods were cleared and dispatched to his warehouse / factory.

After a period of six months he received a debit note from the supplier showing that the Goods were erroneously undervalues in the Bills and he needs to settle the balance amount payable as per his PO.

Is there any procedure / Rule under which he can again pay the Duties / Fees in relation to the difference in Price / Value of Goods Imported, so that he will be eligible to claim the benefits that are available to him on Imports are also made available on this increased purchase value / Import Value of Goods.

Please provide your guidance in the matter.

AI Summary

Importer Advised to Disclose Undervaluation and Pay Additional Duties with Interest for Import Benefits Claim An importer received goods from a foreign client and completed all customs procedures, paying necessary duties and fees. Six months later, the supplier issued a debit note indicating the goods were undervalued, requiring the importer to pay the balance. The importer inquired about procedures to pay additional duties on the increased value to claim import benefits. The response advised the importer to disclose all facts to the Customs Department and pay the duty with interest.