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.

[YAGAY andSUN]

You may simply go to the Customs Department and disclose all the material facts, pay the duty along with interest.

AI Summary

Voluntary disclosure of underdeclared import value enables corrective payment of additional duty and interest to regularise valuation. An importer who cleared goods and paid duties received a supplier debit note alleging undervaluation and sought to regularise the increased import value. The operative mechanism is voluntary disclosure to customs, accompanied by payment of additional duty with interest, enabling a corrective valuation adjustment after clearance so the import value may be updated for benefits and compliance, subject to customs acceptance and procedural requirements.