https://www.taxtmi.com/article/detailed?id=16638 Self-assessment under customs law places the primary responsibility for classification, valuation, duty liability, exemption eligibility, origin, description, and related levy components on importers and exporters. Trade participants must file accurate customs declarations, pay duty on that basis, and comply with allied regulatory requirements, while customs authorities retain powers of verification, re-assessment, audit, post-clearance review, seizure, confiscation, and penal action for misdeclaration or undervaluation. The system seeks to balance trade facilitation with revenue protection through selective scrutiny and enforcement. en-us Sat, 13 Jun 2026 08:37:16 +0530 Sat, 13 Jun 2026 08:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=16638 Self-assessment under customs law places the primary responsibility for classification, valuation, duty liability, exemption eligibility, origin, description, and related levy components on importers and exporters. Trade participants must file accurate customs declarations, pay duty on that basis, and comply with allied regulatory requirements, while customs authorities retain powers of verification, re-assessment, audit, post-clearance review, seizure, confiscation, and penal action for misdeclaration or undervaluation. The system seeks to balance trade facilitation with revenue protection through selective scrutiny and enforcement. Articles Customs - Import - Export - SEZ Sat, 13 Jun 2026 08:37:16 +0530 https://www.taxtmi.com/article/detailed?id=16638