CBIC floats norms to curb undervaluation of goods
Business Standard|October 05, 2022
The draft paper suggests declaring goods "identified goods" if there are reasons to believe that disclosures made by importers are not true or accurate
SHRIMI CHOUDHARY
CBIC floats norms to curb undervaluation of goods

In a clampdown undervaluation on the of goods shipped into the country, the government has proposed measures including intense physical verification of imported products.

The move comes after the Customs observed a rising trend of consignments from countries including China, Taiwan, and Vietnam misusing rules-of-origin norms and the free trade agreement (FTA) route to evade duties by undervaluing them.

The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday floated a public consultation paper pertaining to the valuation of imported goods, seeking stakeholders' comments till October 14.

This story is from the October 05, 2022 edition of Business Standard.

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This story is from the October 05, 2022 edition of Business Standard.

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