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of <h1>Importers Must File Accurate Declarations Under Customs Act 1962; Sections 15 & 16 Determine Duty Assessment.</h1> The Customs Act, 1962 requires importers and exporters to file accurate declarations about the value, description, and classification of goods, as well as applicable exemptions, which affect Customs duty assessment. Duties are determined under Sections 15 or 16 of the Act for imports and exports, respectively. If the duty paid is less than owed, the importer or exporter must pay the shortfall. The Act authorizes customs officers to issue a demand and Show Cause notice to recover any short-levied or unpaid duty from the concerned parties.
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