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Self Assessment
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The Finance Bill, 2011 stipulates Self-Assessment of Customs duty in respect of import/export goods, akin to RMS. This means that while the responsibility for assessment would be shifted to the imp/exporter, the Customs officers would have the power to verify such assessments and make re-assessment, where warranted.
The imp/exporter at the time of self-assessment will ensure that he declares the correct classification, applicable rate of duty, value, benefit of exemption notifications claimed, if any, in respect of the import/export goods while presenting B/E or S/B.Under the new scheme of self-assessment, the B/E or S,B that is self-assessed by imp/exporter, as the case may be, may be subject to verification with regard to correctness of classification, value, rate of duty, exemption notification or any other relevant particular having bearing on correct assessment of duty on imported or export goods. Thereafter, if it is found that self-assessment of duty has not been done correctly by the imp/exporter, the proper officer may re-assess the duty. This is without prejudice to any other action that may be warranted under the Customs Act, 1962.
One of the salient features of self-assessment scheme is that verification of declarations and assessment done by the imp/exporter, can also be done at the premises of the imp/exporter. sub-section (1) of Section 46, a request shall be made to the proper officer for assessment of the same under Section 18(a) of the Customs Act, 1962 i.e. provisional assessment and that too not on a routine basis.
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