New Delhi - The Finance Ministry in the Budget has proposed to fix a two-year time limit, extendable by one year, for finalising provisional assessments of export and import consignments with an aim to reduce uncertainty and costs for exporters. Currently, the Customs Act, 1962 lacks a fixed timeline for finalising provisional assessments, causing delays and uncertainties.
The new provision mandates finalisation within two years, extendable by one additional year, ensuring greater predictability for businesses, economic think tank Global Trade Research Initiative (GTRI) said.
For the move, a new clause would be inserted in the . . .
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