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New assessment rules remove security burden

The essence of the new guidelines is that importers having certification as AEO, public sector companies and govt undertakings will get a favourable dispensation by way of waiver of security or reduced security

The Central Board of Excise and Customs (CBEC) has issued fresh guidelines for furnishing security in provisional assessment cases. The instructions aim to bring uniformity of practice, transparency and predictability for the taxpayer and give more favourable dispensation to those having certification as authorised economic operators (AEO). The idea of provisional assessment is to enable immediate clearance of imported or export goods against a bond to pay the differential duty - for the payment of the deficiency, if any, between the duty as may be finally assessed and the duty ...