Thu. Dec 1st, 2022

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Customs dept to roll out pan-India faceless assessment

1 min read

The customs department will roll out pan-India faceless assessment by December 31 in a phased manner, starting with Chennai and Bengaluru beginning Monday, the CBIC has said.

In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said since faceless assessment (commonly known as anonymised or virtual assessment) is a complete departure from the existing manner of customs assessment, it is being introduced in a phased manner to give trade and stakeholders time to adapt to the changed scenario without disruption of work.

“Thus the board has decided to begin faceless assessment in phases beginning with customs stations which already have the experience of the pilot programmes,” it said.

The first phase would begin from June 8, 2020, at Bengaluru and Chennai, for items of imports primarily covered by Chapter 84, 85 of the Customs Tariff Act, 1975. The phased roll out plan envisages that faceless assessment shall be the norm pan-India by December 31, 2020.

Chapter 84, 85 relates to certain machines and electrical equipments.

The CBIC has conducted pilots for this at customs stations in Chennai, Delhi, Bengaluru, Gujarat and Visakhapatnam.

Faceless assessment enables an assessing officer, who is physically located in a particular jurisdiction, to assess a bill of entry pertaining to imports made at a different customs station, whenever such a bill of entry has been assigned to him in the customs automated system.

To ensure speedy and uniform assessment, the CBIC has nominated principal commissioner or commissioner customs, including in airports, to monitor the same.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.