NAKUL KHATRI (CO-ORDINATOR) (46 Points)
14 July 2012Dear all,
As we all know that there has been one facility given to us of Self assessment of Custon Duty.
So i Wanted to know that Who can opt for this facility?
What is the Procedure for this?
What are the documents required if we want to get into this scheme/facility.
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 14 July 2012
„Self-Assessment‟ in Customs has been implemented w.e.f. 8.4.2011 vide Finance Act, 2011 by suitable changes to Sections 17, 18, 46 and 50 of the Customs Act, 1962. Self-Assessment interalia requires importers / exporters to correctly declare value, classification, descripttion of goods, exemption notifications etc. and self assess the duty thereon, if any. As Self-Assessment is newly introduced, the Central Board of Excise and Customs is releasing this Manual to guide importers / exporters in making correct Self-Assessment of duty of imported or export goods.
read link:
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars11/circ17-2k11-cus.htm
https://www.cbec.gov.in/deptt_offcr/cs-self-assesmt2011-manual.pdf
CAclubindia
