Guidelines regarding Provisional Assessment under Section 18 of the Customs Act, 1962 - Customs - PUBLIC NOTICE NO. 29/2014

OFFICE OF THE COMMISSIONER OF CUSTOMS NEW CUSTOMS HOUSE, PANAMBUR, MANGALURU 575010 F. No S-26/04/2016 Cus Tech Date: 21.09.2016 PUBLIC NOTICE NO. 29/2014 Subject: Guidelines regarding Provisional Assessment under Section 18 of the Customs Act, 1962 reg. Attention of the Importers, Exporters, Customs Brokers and the other members of Trade is invited to the Circular No.38/2016-Customs dated 22.08.2016, issued by the Central Board of Excise and Customs regarding the Guidelines for Provisional Assessment under section18 of the Customs Act, 1962. The said Circular is available on Departmental website www.cbec.gov.in. Some of the key points are as under:- 2. The Board has rescinded The Customs (Provisional Duty Assessment) Regulations 2011 vide notification no. 113/2016 - Cus (NT) dated 22 nd August 2016, since section 18 itself lays down the procedure to be followed in the case of provisional assessment. The only issue which is required to be addressed is regarding the amount of security as section 18 requires the same to be obtained as deemed fit by the proper officer. For the sake of uniformity of practice, transparency and predictability for the tax payer, the Board has decided that the following procedure and guidelines will be followed by all Customs stations while assessing goods provisionally. 3. Wherever, duty is to be assessed provisionally, the importer shall: (a) for the purposes of undertaking to pay on demand the deficiency, if any, between the duty as may be finally assessed and the duty provisionally assessed, execute a bond in the prescribed form as annexed to the above mentioned Board s Circular and (b) furnish such security for the payment of the duty deficiency, as indicated in the table of Para 3 of the said Circular. 4. The security to be obtained shall be in the form of a Bank guarantee or a Cash deposit, as convenient to the importer. 5. All Importers/Exporters, Custom Brokers and the Members of the Trade are requested to adhere to the guidelines prescribed for provisional assessment under section18 of the Customs Act, 1962. 6. Difficulties, if any, in implementation of these instructions, may be brought to the notice of the Additional Commissioner (Appg) at commrcusmnglr@nic.in. (Dr .M. SUBRAMANYAM) COMMISSIONER OF CUSTOMS