Audit

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.... Importers and Exporters Regulation, 2011,has notified the Customs Audit Regulations, 2018, vide Notification No. 45/2018-Customs (N.T.) dated 24th May 2018. [Notification No. 45/2018-Customs (N.T.) dt. 24th May 2018.] 1.2 A new Chapter XII A with heading 'AUDIT' was introduced in Customs Act, 1962 after Section 99. A new Section 99A (under Chapter XII A) has been introduced to provide a statuto....

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....significantly by aforesaid definition. [Inserted by Finance Act, 2018 (Act No. 13 of 2018), dt. 29-3-2018.] 1.3 A new clause (k) has been inserted in section 157 of the Customs Act [vide Finance Act, 2018 (Act No. 13 of 2018)] to enable the Board to frame regulations in accordance with the new section 99Aof the said Act. Clause (k) of section 157 reads as: (k) the manner of conducting audit; ....

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....mported / export goods that were cleared after the enactment of the Finance Bill, 2011 i.e. 08.04.2011. The said OSPCA regulation, empowered the proper officer for verification of correctness of assessment of duty on imported or export goods at the premise of importer or exporter and also prescribed the manner of conducting audit. 1.5 As per Customs Audit Regulations, 2018, "audit" includes exami....