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of <h1>New Customs Audit Rules 2018: Key Terms, Procedures, and Penalties for Importers and Exporters Explained.</h1> The Customs Audit Regulations, 2018, issued by the Central Board of Indirect Taxes and Customs, replace the 2011 regulations for on-site post-clearance audits. These regulations define key terms and outline the procedures for conducting audits of importers, exporters, and other relevant parties. Auditees must preserve documents for five years and cooperate with audit officers. Selection for audits is based on risk evaluation, and audits can occur at the auditee's premises with prior notice. Auditees can respond to audit findings and make voluntary payments if necessary. Non-compliance with these regulations may result in a penalty of up to fifty thousand Indian rupees.
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