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of <h1>Customs Finalization Rules: Submit Documents in 1 Month, Finalize in 2 Months, Penalties for Delays.</h1> The Customs (Finalisation of Provisional Assessment) Regulations, 2018, established by the Central Board of Indirect Taxes and Customs, outline procedures for finalizing provisional assessments under the Customs Act, 1962. These regulations specify the time limits and procedures for submitting necessary documents or information for assessment finalization. Importers or exporters must provide required documents within one month, with possible extensions granted by customs officials. Provisional assessments must be finalized within two months of receiving all necessary information, with potential extensions. Penalties up to fifty thousand rupees may be imposed for non-compliance with these regulations.
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