TaxTMI 
TaxTMI 
Customs (Finalisation of Provisional Assessment) Regulations, 2025
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Central Board of Indirect Taxes and Customs hereby makes the following regulations, namely:- 1. Short title and commencement. - (1) These regulations may be called the Customs (Finalisation of Provisional Assessment) Regulations, 2025. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions. - (1) In these regulations, unless the context otherwise requires, - (a) 'Act' means the Customs Act, 1962 (52 of 1962); (b) 'date of assent of the Finance Act, 2025, shall mean the 29th day of March, of 2025; (c) 'documents or information' shall include the result of chemical or other test. (2) Words and expressions used herein and not defined in the....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... recorded in writing, allow a further period not exceeding two months, on his own or at the request of the importer or the exporter, in case the documents or information are not made available within the specified time of two months. Provided further that the an officer to whom the proper officer is subordinate, may allow an additional time period as deemed fit, for reasons to be recorded in writing, on request of the importer or the exporter regarding his inability to provide those documents or information as requested by the proper officer. Provided also that no extension in time under this regulation may be allowed by an officer to whom the proper officer is subordinate beyond fourteen months from the date of provisional assessment....
X X X X Extracts X X X X
X X X X Extracts X X X X
....le on imported or export goods is assessed provisionally by the proper officer for the reasons as per sub-section (1) of section 18 the Act and is pending for finalisation as on the 29th March, 2025, then time-limit for submission of documents or conclusion of enquiry under regulations 4 or 5, as the case may be, shall be reckoned from such date. 7. Payment of duty of own ascertainment before finalisation of provisional assessment.- Importer or exporter, may pay any amount electronically against the bill of entry or shipping bill, as the case may be, on his own ascertainment, during the pendency of the provisional assessment, which shall be adjusted against the duty finally assessed or reassessed, as the case may be. Provided that imp....
X X X X Extracts X X X X
X X X X Extracts X X X X
....duty finally within the time specified under sub-regulation (1), for the reason that - (a) an information is being sought from an authority outside India through a legal process; or (b) an appeal in a similar matter of the same person or any other person is pending before the Appellate Tribunal or the High Court or the Supreme Court; or (c) an interim order of stay has been issued by the Appellate Tribunal or the High Court or the Supreme Court; or (d) the Board has, in a similar matter, issued specific direction or order to keep such matter pending; or (e) the importer or exporter has a pending application before the Settlement Commission or the Interim Board, the proper officer shal....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... assessment.- (1) On finalisation of Assessment done provisionally under regulation 9, where - (a) the final assessment has confirmed the provisional assessment; or (b) the duty along with the interest has been paid in full, in case of home consumption or exportation, where the bill of entry or shipping bill has been returned for payment; or (c) the importer has executed appropriate bond binding himself in relation to the excess duty, in case of warehoused goods, the Bond executed at the time of provisional assessment with security, if any, shall be cancelled or recredited, as the case may be, and the security shall also be returned, if there are no pending dues. (2) Where the duty, interest, fine, penalty o....