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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

TheCentralBoardofExciseandCustoms(CBEC)hasissuedfreshguidelinesforfurnishingsecurityinprovisionalassessmentcases. Theinstructionsaimtobringuniformityofpractice,transparencyandpredictabilityforthetaxpayerandgivemorefavourabledispensationtothosehavingcertificationasauthorisedeconomicoperators(AEO). Theideaofprovisionalassessmentistoenableimmediateclearanceofimportedorexportgoodsagainstabondtopaythedifferentialduty-forthepaymentofthedeficiency,ifany,betweenthedutyasmaybefinallyassessedandtheduty ...