The Finance Act, 2022, through amendment in section 14 of the Customs Act, 1962 placed an additional onus on the importer in cases where the imported goods are likely to be undervalued. In terms of this amendment, rules were to be notified outlining added responsibility of the importer concerning a class of imported goods whose value is not declared correctly, the criteria of selection of such goods and the checks to be exercised for such goods.
Source PwC
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