Customs and excise amendments reshape valuation, refund limits, recovery powers, and duty deferment for Advance Licence imports.
The Act amends customs, central excise, and revenue-board law by revising valuation, limitation, refund, recovery, warehousing, revision, and delegation provisions, while introducing powers to waive duties not levied or short-levied because of a generally prevalent practice. It also creates a duty deferment mechanism for Advance Licence imports subject to export obligation, with adjustment against drawback, interest on unpaid duty, and possible bond conditions. On the excise side, it provides for remission of duty on natural shortages, recovery of duty not levied or refunded, a structured refund regime, and revised appellate and revisional procedures.