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<h1>Importers Must Ensure Accurate Declarations Under Customs Act 1962; Duties Assessed Per Sections 15 or 16</h1> The Customs Act, 1962 requires importers and exporters to file accurate declarations concerning imported or exported goods, including their value, description, classification, and applicable exemptions. Customs duties are assessed under Sections 15 or 16 of the Act. If duties are underpaid, the importer or exporter must pay the shortfall. The Act authorizes customs officers to issue a demand and Show Cause notice to recover the short or unpaid duties from the concerned parties.