HIGHLIGHTS

• The Federal Government given powers to levy additional duty not exceeding 75% of the value determined.
• 15% surcharge where deferment of custom duty has been allowed by the Board.
• The Collector of Customs/ Director of Customs Valuation given the discretionary powers to determine the custom value of goods. The Director-General of Customs Valuation will have the powers to determine the custom value in case of dispute.
• Customs authorities empowered to take over the goods which have been under invoiced.
• Custom authorities to ask for any information from all or any related person, department, company etc within the time limit prescribed in the notice.
• Procedures and powers of the customs officials to conduct audit and summon the persons to conduct investigations laid down.
• Custom officials have been empowered to get access to all business premises in order to verify any goods, documents, stocks, etc and take into custody such documents.
• It would be obligatory for an importer to inform the appropriate officer of customs before the examination of the goods in case of abatement claimed on the damaged or deteriorated goods.
• Collector of Customs would be able to allow loading and discharge of goods round the clock and on all days on the customs stations where the Customs Computerized System is in operation.
• An importer in order to make declaration of goods under section 79 is required to support his declaration by documentary evidence.
• Assistant Collector, empowered to clear the import or export of goods on execution of bond, in case of pressing circumstances, without completion of all the formalities.
• Reduction in the time limit for clearance of goods from the existing one month to twenty days, further extendable by another ten days instead of existing fifteen days proposed.
• Time limit for payment of duties and taxes assessed within seven days of the completion of assessment instead of existing thirty days fixed.
• Levy of surcharge at a rate of one and half percent per month, if any person fails to pay the arrears within the prescribed time.
• Access allowed to the customs officer to the premises and records of the business or manufacturing premises of an importer who imported the goods at a notified reduced rate of duty and taxes.

AMENDMENTS

Definitions
Goods Dutiable
Power to defer customs-duty
Determine the customs value
Obligation to produce documents
Conducting the audit
Access for the purpose of audit
Abatement on damaged goods
Denaturing or mutilation of goods
Restriction on amendment of bill
Redundant citations omitted
Goods not to be loaded or unloaded
Assessment for home consumption
Checking of goods declaration
Power to allow import or export
Procedure in case of goods
Clearance for home consumption
Various redundant citations
Electronic exchange of information
Punishment for offences
Power of adjudication
Powers of Board to pass orders
Alternate Dispute Resolution
Reference to High Court
Procedure for sale of goods
Levy of surcharge
Maintenance of record
Access to the premises by Customs