https://www.taxtmi.com/article/detailed?id=8940 The Finance Bill inserts Chapter VAA to govern claims for preferential rates under trade agreements, requiring importers to declare origin, possess and furnish information on country of origin and product criteria, and exercise reasonable care. Proper officers may seek information from importers or Issuing Authorities, suspend preferential treatment pending verification, require security or deposit differential duty in the electronic ledger, disallow claims with written reasons, and send verification requests within five years. Amendments also broaden recovery under section 28AAA and create an electronic Duty Credit Ledger under section 51B; preferentially claimed goods breaching Chapter VAA may be confiscated. en-us Tue, 04 Feb 2020 08:34:13 +0530 Tue, 04 Feb 2020 08:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8940 The Finance Bill inserts Chapter VAA to govern claims for preferential rates under trade agreements, requiring importers to declare origin, possess and furnish information on country of origin and product criteria, and exercise reasonable care. Proper officers may seek information from importers or Issuing Authorities, suspend preferential treatment pending verification, require security or deposit differential duty in the electronic ledger, disallow claims with written reasons, and send verification requests within five years. Amendments also broaden recovery under section 28AAA and create an electronic Duty Credit Ledger under section 51B; preferentially claimed goods breaching Chapter VAA may be confiscated. Articles Budget - Tax Proposals Tue, 04 Feb 2020 08:34:13 +0530 https://www.taxtmi.com/article/detailed?id=8940