AMENDMENTS TO THE CUSTOMS ACT, 1962

Provisional assessment time-limit set with limited extension; voluntary post-clearance revision permitted; Interim Board to exercise Settlement Commission powers.

A definite time limit is imposed for provisional assessments under Section 18: finalisation within two years with a possible one year Commissioner extension and suspension grounds; Section 18A establishes voluntary post clearance revision treated as self assessment permitting duty payment or refund claims, with refund limitation of one year from payment and the relevant date for revised entry being the date of payment. Amendments also define an Interim Board and allocate Settlement Commission powers to it.