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Karnataka
Revenue compliance likely to go up with Customs Act amendment
Our Bureau
Bangalore
,
Sept. 21
Revenue compliance is likely to go up with the amendment to the Customs Act of 1962. Briefing newsmen on the impact of the amendments, the Chief Commissioner of Customs, Ms Heera Radhakrishnan, said, "The revenues till August this year were Rs 1,889.81 crore." She added that if this trend continued, the department expected to comply with the target of Rs 4,540 crore for this year.
Amendments have been done to the Customs Act - Section 17, Section 28 and introduction of Section 110 A. The amended Section 28 A has a provision for introduction of a speaking order within 15 days from the date of assessment of the Bills of Entry/Shipping, contrary to the claims of the importer/exporters, on valuation of goods. The amended section provides for voluntary payment of duty by customs duty assesses. Where the duty and penalties are paid by such assesses, the customs department is empowered to conclude the revenue disputes.
The newly-inserted section 110 A provides provisional release of seized goods and documents from assesses. This is, however, subject to the provision of adequate security to the department, Ms Radhakrishnan said.
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